How do you know if you are ready to call it quits, pack in the career, become the CEO of your own retirement? There are two key considerations you will need to have an understanding of to ensure you are ready.
Can I afford to retire, do I have enough saved?
Finances are a key determinant in making the decision to retire. Having the confidence that you are financially able to make the jump and that your income will be sufficient and sustainable will give you the peace of mind to move on. What will your income be, what will your strategy be to draw down your savings? A solid financial plan will be key to understanding this aspect of retiring.
Am I ready to leave my career behind and move on?
A key aspect of retiring successfully is making sure you are ready to call it quits. Many get to the point where they have had enough of the ‘rat race’ and want to pack it in. Sometimes it isn’t that straight forward. If you find yourself fantasizing about the day you retire and the new path your life will take you, you're likely ready to retire. If you struggle with the thought of how you’re going to fill your day, you might not be ready yet. Having an emotional plan for your retirement is also important. Travel, golf, volunteering, having an idea of the things you would like to do in retirement is important for a satisfying departure from employment.
Looking for some help in making the decision to retire? Our Financial Planning Professionals can help you develop the confidence you will need to make the decision to stay or go.