When is the right time to retire?
By: Izzy, redwigwam
Being told to retire at 65 is a thing of the past. We’re no longer forced to stop at a set age – and can keep on working as long as we like. Indeed, many ‘retirees’ are turning to agencies, like us here at redwigwam, to find flexible work and extra income well into their 60’s and 70’s.
We all know someone who refuses to give up work, simply because they love it. Some people just can’t imagine not getting up and going to a job they enjoy every day. And there’s nothing wrong with that. Imagine doing something every day for 40 plus years, then suddenly it’s no longer an option.
And of course, for some people, retiring isn’t actually an option.
There are many people who would be significantly worse off financially if they chose to retire and live on their pension alone. There’s a whole host of reasons why people may not have enough in their pot when it comes to retirement – so it’s all the more important to still be able to work should you need to.
Can you afford to retire?
Really then, the question of when is the right time to retire, ties closely to the question of whether or not you can afford to retire. You need to look at your current financial situation and what your plans are after retirement. Do you still enjoy working? Or do you feel ready to stop? If it’s financially viable, and you have grand plans – perhaps to travel, play golf, or spend time with your grandchildren, then perhaps it’s time to stop!
Of course, there is another option. Perhaps you could reduce the hours you do – or if your pension is related to your final salary, look for flexible work elsewhere.
When you are deciding when to give up work, it is really important to think about how you would like to spend your later years.
If you’re in a viable financial position to retire and have plans to spend your years after retirement doing all the things you were maybe unable to do whilst working full time, then maybe do it and just enjoy yourself
If you’re not quite ready to fully retire, then why not look into reducing your hours and working part-time. If it’s not an option, finding alternative temporary employment is always a possibility. Here at redwigwam, we have loads of varied roles, allowing you to work as much, or as little, as you want to. It’s a great way to earn some additional income.
At the end of the day, deciding the right time to retire is a very personal decision. There are many factors to consider but ultimately, it’s what you want to do rather than what you should do which is the most important question.
Of course, the feelings of your partner or family may have some influence on your decision – and you may worry about what your employer feels you should do too.
Ultimately though, the decision is yours. Especially now society has moved away from setting an age limit for retirement.