The thought can be overwhelming, and the last thing that you want is ‘buyer’s remorse’ – something
you might have seen in your friends and older family members.
If you’re looking for some guidance, here are some things to consider before retiring.
Is it the right time?
Before making the move to retirement living, you want to truly think about where you’re currently
at in all aspects of life, and the pros vs cons of transitioning into this next-life stage.
Regardless of your circumstances, there may never be a perfect time to retire. Accepting this will
make the transition to retirement easier when the time does come.
How do you see your retirement playing out?
Consider your bucket list; what you want to do during your retirement, where, and who with? If you
haven’t set retirement goals, another question worth asking is, “Do I only want to retire so I can
escape my job?” If you answer yes, put retirement on the backburner and give yourself time to
figure out how your retirement can be made meaningful.
Are your financially stable?
A financial consultant can help determine whether you have adequate retirement living savings – for
example savings that are 25 times greater than your expected yearly withdrawal. If you haven’t
achieved this yet, it might be worth delaying retirement; alternatively, and particularly if you have
health issues, you could find a loophole by investigating ways to cut back on your retirement budget.
How are you health-wise?
If you’re fit and healthy for your age and have longevity in your family, it might be worth continuing
to work a little longer from a financial point of view, and if you have job satisfaction. However, if you
or your spouse are having health challenges, delaying retirement might mean that by the time you
do retire, you’ll have less opportunities to be active and do what you hoped to in this next life-stage.
Have you done all you wanted work-wise?
If you’re in good health and feel like you could still make some significant work milestones, you
might want to consider delaying the start of your retirement.
Are you mentally prepared?
Mental readiness is no less important than physical or financial readiness for retirement. Planning
ahead of your retirement buys you time to process that you are moving towards this new life-stage –
so that when you do retire, downsizing, and your transition into the lifestyle you envisioned won’t
feel a rushed or overwhelming process.
Mental preparation also encourages you to start thinking about your life beyond work, about the
weight off your shoulders that will come with living with less ‘stuff’, and to get excited about ticking
new life experiences off your bucket list that employment does not permit – from seriously taking on
a new hobby to once-in-a-lifetime travel opportunities.
If you feel ready to retire in all aspects, your age doesn’t matter.
There is no definite age to retire. It really all depends on you. Whatever you decide on, Champion Lakes is here for you when you are ready.
Discover new hobbies and find the things you enjoyed before retirement at our Lifestyle Village, all
while being able to ‘lock and leave’ when travel opportunities present. We will make the transition
fun and as smooth as possible. Contact us today to book an appointment, and see how you can live
the life you envisioned for your retirement.