Retirement is something that a lot of people are thinking about, but there are some things to prepare before actually making the decision to quit work and retire.
Your "READINESS to RETIRE" depends on a series of interrelated
decisions. Often, people choose to
retire for the wrong reasons without truly examining their motivations.
The first thing to look at is physical readiness. Are you
healthy? Do you eat a well-balanced
diet? What about your stress
levels? Do you maintain a healthy
weight? All of these things are
important to a happy and healthy retirement.
Next is spiritual readiness. To determine spiritual readiness, look at things like family, friends, religious avenues, books, and formal or informal associations or organizations. Ask questions like "Have I contemplated my life's purpose?" or "Do I have a sense of how I can contribute to others?"
The third thing to consider when thinking about retirement is mental readiness. Have you thought about your transition to retirement? Have you talked to others about their transition to retirement? Have you discussed your retirement expectations with your spouse? And do you have a list of goals you want to accomplish in retirement?
The fourth to consider is financial readiness. Have you estimated what your lifestyle cost will be in retirement? Have you determined that the money you have accumulated will last your lifetime? What about health care costs, long-term care needs, or estate planning?
There really are a lot of things to look at when deciding about retirement. Be sure to consider everything when making that final decision. And if you need help, ask for it.