8 Signs That It’s Time to Retire
Are you thinking about retiring? Do you have a pension plan, or a self managed super fund? You need to make sure that you have a good retirement plan set in place before you make the decision to stop working. You need to be absolutely certain that you can afford it. Before jumping into retirement it might pay to have an SMSF audit conducted to make sure you are managing your retirement money properly.
Here are eight of the most important signs that it’s time for you to retire:
1. You Really Want To See The World
Traveling the world is something that everyone wishes they can do, but most people never get the chance. You should go see the world now while you still have the chance. Putting it off will only cause regret in the future.
2. There Are Health Issues To Consider
If you’re still in good shape, then it won’t hurt to work for another few years. If you haven’t been feeling well, then perhaps it’ll be in your best interest to retire. Since much of the stress we experience in life comes from work, then nobody will blame you if you want to retire.
3. You “Feel” Like You’re Ready To Retire
Retirement isn’t just about money or health; it’s also about a feeling of closure. Do you think you’re ready to take that leap? Do you feel as if your affairs are in order?
4. You’re Tired Of Your Job
Everybody gets tired of their job sometimes, that’s a given. However, if you’ve been working for years and years, and don’t have the heart or will to work anymore, maybe it’s time to retire. Nobody will blame you if you’re sick of work and want to quit.
5. What Does Your Spouse Think?
Even though the decision is yours to make, you should still consult with your spouse. Can both of you afford to get by if you retire? Some couples don’t always agree on retirement plans and expectations. Make sure that you and your spouse have common goals before you retire.
6. Do You Like Your House?
Do you want to buy a nice retirement home? If you dream of buying a luxurious house, but don’t have the money to do so right now, then retirement probably isn’t the best idea.
7. Do You Get Enough Sleep Every Night?
One of the biggest problems employees face is sleep deprivation. You should be getting at least seven or eight hours of sleep every night. Feeling tired at work is a sign that you should retire.
8. Do You Have Enough Money To Last You For Years To Come?
Make a list of all of your accounts and assets, including banking accounts, your SMSF (self managed super fund) as well. Will it all be enough for you and your family to live off for the rest of your life? When you retire, you should have enough money to live in comfort.
Retiring is a very difficult decision. If you feel that you’re ready, and have enough assets to last for the rest of your life, then maybe it’s time for you to retire.
This information is intended to provide background information only and does not purport to make any recommendation upon which you may reasonably rely without taking specific advice. In particular it should not be considered financial product advice for the purposes of the Corporations Act 2001.