Job Satisfaction
Deciding to retire is considered one of the toughest decisions in a working life that an employee can make. Typically, employees earn their maximum income at the point of retirement, so the financial implications of early resignation are significant. Careful planning for the transition from full-time work to retirement can enhance your chances of making a smooth adjustment. There are many factors to consider before making the final decision.
Physical and Mental Abilities for Work
Some jobs that require significant physical effort, such as construction work, can be hard to continue after a certain age. Even if you prefer to keep working, you may face physical difficulties in performing your job. If you have mental capacity issues, or if you have health problems of this kind in your family, you may find yourself contemplating early retirement sooner than you wish.
Financial Stability
When you retire, you’re likely to want to remain in a retirement state. This means you should have enough saved to meet your needs. Track your expenses to get a realistic idea of the income required to maintain your preferred lifestyle. Some important points to consider:
- Save at least eight times your salary by age sixty.
- Save at least ten times your salary by age seventy.
- Test a physical ability check and count the income streams you’ll need after retirement.
- Join retirement and social security plans to learn about available retirement benefits.
Healthcare Coverage
No matter how healthy you are when you stop working, at some point during retirement, your healthcare needs will increase. Planning for healthcare costs is a key aspect of retirement. For many retirees, healthcare costs represent the largest portion of their financial budget. Additionally, you should consider health insurance coverage, the costs of surgical interventions and prescription medications, and long-term care or assistance with daily living.
Life Satisfaction
In addition to the logical aspects of retirement, you should also consider the emotional and personal side. While many retirees enjoy the freedom to travel, visit family, and explore hobbies after leaving the workforce, others experience feelings of loss, boredom, and a decrease in life satisfaction. If you want to ensure that you are ready for retirement, try to stay away from work for a defined period, such as exploring some planned hobbies or performing some consulting work as a secondary hobby, or volunteering with an organization that interests you.
Source: https://www.thebalancemoney.com/top-tips-for-retiring-from-your-job-2894585
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