When to Retire?
Will, in Rhode Island, wants to know when she should retire?
How will you know when it is time to retire?
- Everyone’s situation is different, and the decision on when to retire will be unique to them.
- Just because you have enough money to retire does not always mean that you will want to retire.
- Knowing when the time is right can be a very stressful situation.
- Everyone has a different vision of retirement, and it should be approached on a case-by-case basis.
What will I do in retirement?
- Some of the biggest concerns that people have heading into retirement is how they will pass their time and spend their days.
- Many people will want to travel and stay active, others are looking to relax and take it easy.
- Volunteering for a cause that you are passionate about is a great way to stay active and connected.
- In most cases staying busy or passing the time is not a concern for our clients. They are more active in retirement than before.
What advice does Ryan have for people that are thinking about when it is time to retirement?
- And most importantly you need to make sure that you have enough money to retire.
- Then, think about what you enjoy doing, and who you enjoy doing them with.
- Experiment with different hobbies and pass times to see what fits you best.
- And remember that what fits you in your sixties, might not fit in your seventies, and eighties. There will be different phases of your retirement, and different activities that correspond to them.
On another edition of SFP question and answer, Jenn from Southborough asks Ryan when will he know that it is time to retire? Ryan informs Jen that everyone situation is different, and their decision to retire is based on several different factors.
The most important factor being, is does it feel right to them. First off you must have enough money to retire. If you do not have the funds to retire then you need to keep working.
Deciding whether to keep working can be very stressful for several different reasons. Many people fear that they do not have enough money and continue to work when they have plenty of money to retire comfortably. Another cause of stress for many people is how they will spend their time in retirement. Many individuals have worked 30, 40, and even 50 years to get where they are today.
Much of their identity is tied to their employment in Korea. They get extremely nervous about how they will spend their time when work is no longer in the picture.
What Ryan has seen over the years that works best for people, is to dive into something that you are passionate about. That could be a charity that you can connect with, and volunteer at. It could be a part-time job that you enjoy doing on your terms in on your time schedule. It could be a new activity or hobby that you really love to do and enjoy doing with people that are close to you and bring you happiness.
In most cases how to pass time during your days and retirement is not an issue. Most people find something that they love to do and get a lot of joy out of doing it.
A big thing to remember is that there are going to be many phases over the course of an individual retirement what someone does in their 60s is probably going to be different than the activities they enjoy their 70s, and those activities will most likely be different than what they are doing in their 80s.
So, it is important to keep in mind that activities hobbies change throughout the course of your retirement. An individual will be far more likely to travel in their late 60s and early 70s and they would be to travel in their 80s. So, it is important to keep in mind what you plan on doing and more importantly when you plan on doing it.
