Retire From Work, Not Life
by The notion of not having to get up early and go to work every day is certainly something most of us look forward to. However, retirement brings a different set of challenges – the potential of a smaller income and the lack of meaningful activities for example.
Some of us base our importance and identity on our jobs for the status and respect that our experience contributes to the organization. By retiring, we fear the loss of recognition that accompanies a job.
Also, retirement is not tied to a specific age now. For some, it indicates a new phase of life, be they 30 or 60 years old. Whatever the age, a significant issue is this – how do you fund your retirement?
Research has shown that people who retired and do nothing have an average life expectancy of 5 – 6 years. So planning for the next exciting stage of life is almost mandatory.
Experts advise that this crucial phase of planning begins at least 5 – 10 years in advance. A transitional plan that bridges the gap between full-tome work and stopping work altogether. The plan could take into consideration new hobbies, sports, education, consulting, part-time work – what is commonly referred to nowadays as “active” retirement.
Whatever your age and your earning capacity, now is a good time to audit your current standing and make plans.
ASK YOURSELF
- Can I afford to retire? How much money will I need to live on?
- How far will my pension go?
- What costs are there in retirement? Can I afford to pay?
- Will I have enough income to live in the style that I want to live?
- What about inflation?
- Will I outlive my resources?
- Am I emotionally ready to retire? How will I know?
There are no right nor wrong responses. These questions merely serve to provoke thought and hopefully action about the more important elements of your dream retirement – the financial independence that will determine the quality of your new phase of life!
So – do you want to retire from work, or from life?
Liked it
