You have a couple more years until the retirement age you had in mind, but you feel like you can’t take it anymore. Don’t worry; it happens to so many of us! Truth be told, I think it’s safe to say that most people would retire at 35 if they had the chance.
After all, it’s supposed to be the most beautiful time, the golden years of your life, when you have all this money and free time on your hands to be whoever you want to be and do whatever you like.
If you feel like you can’t push forward anymore, then you shouldn’t. Here are some telltale signs that you might, in fact, be ready to retire now:
You always daydream at work.
Truth be told, as I’m writing about daydreaming, I keep thinking that everyone should retire way earlier. However, we all know that’s not possible.
But if you’re very close to your retirement age and you can’t help but daydream all day long about your golden years, then I don’t see why you would stress over it too much.
Besides, if you see that your little fantasies are somehow distracting you from work, then it might be time to leave and follow those dreams.
You live for the weekend.
If you get super-excited by the fact that Friday is right around the corner and you dread the idea of going back on Monday, then it might be time to consider giving work the needed boot or even changing jobs.
For some of you, we might be talking about a certain point where work has become tedious and it isn’t exciting anymore. Or, the prospect of a promotion or career enhancement doesn’t hold any appeal.
If you feel that what once was seen as important at work now just seems incredibly trivial, or if you accept that the next promotion might actually be hell and cause you further health issues, maybe it’s just not worth the hustle.
You’re so jealous of other retired friends.
If you’re the only one in your group who’s still working, then you might feel a bit left out, especially when they talk about all the activities they did over the week when you were still working.
If you feel FOMO (which is the fear of missing out), then you might want to ask yourself what you are waiting for. Moreover, your friends might have JOMO, which is the joy of missing out, because, well, they don’t have to go to work anymore!
Sometimes, the grass appears greener on the other side because it is.
You have a countdown to your retirement.
If you’re trying to stave off your retirement until you reach a certain age, then you’d be shocked to find out how many people use countdown apps and calendars to track their progress toward the golden day.
You might not even have a specific date in mind, but it’s important to know if you’re planning to retire at the end of the financial or calendar year, so you can plan out all the things that still need planning.
You are ready to take on your role.
If you’ve been in a higher role for many years and you’ve lost the desire to be in that role, you might want to consider passing on your responsibilities to the next generation.
Maybe you’ve been mentoring someone, and now it’s time to get out of their way to let them shine. When you contemplate the next transition, make sure you realize that other people need to shine just as much as you did when you were in their shoes.
Sometimes, a handover doesn’t mean wider possibilities for them but also for you. It’s time for you to finally relax and unwind.
You’re debt-free
If you’ve successfully paid all your debts and you feel that you’re well-positioned for retirement, then what are you waiting for? If you have credit card debt or still have to pay a lot of money on a home or car, then you might want to postpone giving yourself over fully to those days of freedom.
Truth be told, a fixed income plus a hefty mortgage and a car payment could really put a major strain on your finances. It also makes it so much more difficult to deal with unexpected expenses!
Before you even hand in your retirement notice, make sure you whittle down the vast majority of your outstanding debts. Well, this is something that you should definitely discuss with a financial adviser, because retirement is quite a step for any individual. You want to make sure you’re doing it the right way.
You no longer support your kids or parents.
If your kids are all grown up, out of the house, and earning their own money, it will make it so much easier for you to retire! But if you’re still financially there for them and you help them on a regular basis, then that’s definitely going to slow down your retirement plans.
Moreover, if you still have elderly parents who require financial support, that’s another reason to postpone stepping into your golden years.
You’ve made a proper retirement budget.
I know it might seem like a no-brainer, but there are many soon-to-be retirees who don’t crunch the numbers. Before ditching your career, it’s very important to figure out whether you can comfortably live on your post-retirement funds.
First, you need to start by adding up your must-have monthly costs, such as mortgage, rent, groceries, electricity, and any other utilities.
Then, you need to add your “wants”, like entertainment, shopping, and dining out. Once you’ve fully calculated the estimated monthly expenses, you need to check if you have enough income to cover them.
Your portfolio is updated.
Let’s be real now: when was the last time you took a hard look at your investment portfolio? There are three major parameters that might influence your ability to live off one’s savings right before retiring.
First, you need to look into the size of your savings and investment portfolio upon retiring. Secondly, you need to know what the expected growth rate of your portfolio is from now on.
And last, you must know by heart the amount of annual withdrawal you’ll need to keep up with the lifestyle you want to have.
Your spouse supports your decision.
Unless you live all by yourself, you won’t be the only one affected by the fact that you retire. Retirement is a serious decision that will involve both you and your spouse.
One factor that’s highly important to discuss is how the reduction in your income will affect your partner. For instance, if you are both financially and emotionally ready for this big step, then you’ll likely enjoy it more.
However, if your spouse wants to keep on working for many years from now on, your retirement might be a bit lonelier than expected. Of course, it also depends on your character and the lifestyle you want to have.
If you plan on staying ten hours a day playing golf, it truly won’t make any difference! Speaking of golf, you might need this equipment to get a proper kickstart for your retirement days!
If you enjoyed reading this article, it’s worth mentioning that we have many other things in store. Check this one, too: 8 Uncomfortable Truths About Retirement People Don’t Speak About
