So you have worked hard your life, and now it’s time for you to enjoy the fruits of your labor. Planning for retirement can be a tiresome and troublesome task. From financial status to the changes in your lifestyle, you have to consider a lot of things before retiring. It’s not as easy as waking up one fine morning and deciding to retire, without a prior plan. You may be able to do the things that you love after retirement.
You may go for a long uninterrupted vacation or just sit quietly on your rocking chair and watch TV classics. Can I retire yet? It’s normal to have this query on your mind before retirement. Check out the following questions to find your answer.
The following questions will help you steer clear of any misconceptions or myths that you may have had regarding retirement. Therefore, you will be able to make the right decision.
1What To Consider Before Asking ‘Can I Retire Yet?’
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The road of transition from full-time career life to retirement is no easy feat. Just having a chat with your broker about the financial issues will not do any good. After all, planning for retirement is a major life change.
You don’t want to consider going back to work after you have dropped your letter for retirement, right? Consider these questions so that you don’t have to ask anybody else ‘can I retire yet?’ You will have the answer for yourself. Let’s begin.
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2Question 1: Is there enough income for me to support myself or my family?
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Being psychologically ready for retirement is no big deal. But, you have to be financially ready to avoid having a miserable retired life. Here are some tips to make your task easier.
- Review your saving accounts before retirement.
- Take a look at your Social Statement and other sources of income that you may have planned for retirement.
- Now add all these sources of income to see the net amount that you will be receiving each year after retirement.
- Compare this amount to your current income.
The decision depends on whether your retirement income is significantly higher than your current income. If it is not higher, then you may have to think twice before you retire. You can even use a retirement calculator to identify the difference between your current income and your retirement income.
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3Question 2: What’s your plan after retirement?
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This is my favorite part of my retirement. The main purpose of retirement is to attain mental peace. This is the time you can cultivate some good thoughts and focus on your growth and productivity. You may want to purchase a good boat or spend your days on the golf course. Instead of delving into too far away thoughts, it is better that you set a goal for yourself. Check out these tips to understand better.
- Pay heed to the substantial fees that golf clubs or tennis clubs often charge.
- Make sure your locality has the courses that you are looking forward to doing after retirement.
- Do you want to travel to your heart out after retirement? Then make sure you live close to the airport or the sea-shore.
Understand what your dream is. You can mold your retirement plan better once you know what you really want to do after retiring apart from sitting in the rocking chair all day.
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4Question 3: Do I have to move after retirement?
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When I joined the corporate sector, I had to move into urban areas because of its close proximity to my office. After retirement, people usually tend to move to the outskirts of the cities. It is because living in urban areas can be unnecessarily expensive for retired people. Choosing a new place to live is time-consuming and hectic. Here are some factors that you consider in this case:
- The cost of housing
- Access to entertainment
- Proximity to family members
- Access to medical facilities
- Weather conditions all the year
- The distance of the airport from the area
You may not find the perfect location that will fit all your needs. But, you must find a locality that will meet most of your needs. Take your time to find a location as perfect as possible.
These questions will help you decide if you are really ready for retirement or not. Don’t worry if you are not yet ready for retirement. Enjoy your work life as much as you can. Meet new people and learn new things. Try saving a little bit of money every day to make your retirement plan a super success.
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