If you’re trying to decide when to retire, earlier, on time or later, You are in the right place. I want to share with you the 3 most important items to consider when you’re trying to make the decision on that date.
Grab your retirement journal and write these 3 important words down: Time. Health. Money.
When you are young you have an abundance of time and good health and you are more than happy to trade this away for money to earn and to save for later. As you progress through life, continuing to make this trade, your time and your health will start to become your most precious resources. There will come a point where continuing to work is actually costing you far more than retirement.
Time
If you consider the average human life to be about 90 years old and you are 60 right now, think about a few of these scenarios. If you read 5 books a year, only 150 more in your life. If you have friends you only see once a year, you may only get to see them another 30 or so times. If you only see your kids and grand kids 4 times a year, that’s 120 more times. Is working extra years worth it when looking at the bigger picture?
Health
What will your health look like in the next 5 or 10 years? If your health is not so great, you may want to retire sooner. If your health is good, then definitely do some thinking and writing in your retirement journal, weigh the benefits and disadvantages. Your healthiest years are right now, in the first half of your golden years.
Money
When you retire and start living off assets, it’s a shift in your thinking (from saving to using mode). Create your budget of income and expenses. You may want to work a few days a week, or explore an employment opportunity that would be fun for you such as a bookstore or home improvement store depending on your interests and hobbies. You will use more money during your early years of retirement (the most energy) and then you will need less, but it will rise again as your health needs increase in your last period of the golden years.
When you’re evaluating your resources, trust your instinct. Most of the time it’s the right thought, right decision, before the brain kicks in and starts down the pathway of talking you out of things or into other things.
Which of these suggestions resonate with you today? How are you making your plans on when to retire?
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