How do you know when it’s time to retire? 7 tell-tale signs
Everyone deserves a happy retirement, but choosing when to retire is a pickle. Are you ready to leave the routine and purpose of work life, and do you have the money to support your future? You may want to retire, but it could be a case of the right place, wrong time. So when is the best time to retire in the UK? Don’t go anywhere - this is the place to find out.
1) You can afford to
The main way of knowing when it’s time to retire is to check your financial situation. If you’ve paid off all of your debts - mortgage, car bills etc - then you are already in a pretty solid position. Beyond this, you’ll also need to calculate if your budget will allow you to enjoy a comfortable retirement. Crunch up the numbers, calculate the monthly costs of living against your savings and pension, and you should be able to work out when is the right time to retire.
2) You have something else to do
There’s nothing worse than retiring earlier than you should, and quickly discovering you have nothing to do with your free time. As boring as it becomes, work life gives you a sense of purpose as you go about your daily life. Without this, you will need something productive to fill your time. So if you’re bursting to explore the world, pursue a new passion or learn a new skill, retirement is the time to do it.
3) You are no longer supporting kids or parents
If you are still supporting kids or grandkids, now might not be the best time to retire. The costs of getting your children through life - unless they are capable and have jobs of their own - are considerable, and may restrict how much money you have in retirement. If you also have elderly parents who need support, retirement becomes an even more distant possibility. Once your kids have flown the nest, you can start getting excited about the possibility of retirement.
4) You are at the retirement age (or older)
One of the clearest signs that you are ready to retire - you’ve hit the legal retirement age! The retirement age in the UK is 66, though you can choose to work beyond this point if you wish. However, this shouldn’t be the be all and end all of your retirement decision - you can retire early if you do have the funds!
5) Work is affecting your health
Is work having a negative impact on your health? Retirement could be the relief you need. Work life can be stressful, and you may get to a point where you resent the early mornings and busy commute. You can explore the option of working flexible hours or a less-stressful job, but retirement might be the safest bet to any underlying health issues. You may even be eligible for early retirement with ill health.
6) Your partner wants to retire too
If your decision involves your partner, it helps if you are both on the same page. Retirement is a decision that needs to be made together, and your vision of an ideal retirement should ideally be aligned. However, if your partner wants to continue working when you want to retire, it might not be the best time!
7) It’s time for you to relax
You haven’t had a spa day for as long as you can remember. Your last beach holiday is a distant memory. You can’t remember the last time you haven’t been thinking about work. All key signs that it is time for you to relax, and enjoy a work-free life!
So most (or all) of the signs apply to you - what next? Churchill’s retirement homes are the ideal place to get your retirement life started.