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Are you starting to feel the pull of retirement, but not quite ready to take the plunge?
While it can be daunting to face the reality that your working years may soon come to an end, it’s important to make sure that now is truly the right time for you.
To help ease you into this new chapter in life, we’ve compiled 12 obvious signs that it’s probably time for you to retire.
From shifts in your attitude and outlook on work, changes in technology or industry trends, and physical or mental health concerns, see if any of them resonate with your current feelings or situation.
#1. Noticing How Happy Others Are
Nothing is more motivating than seeing how happy others are, with some prospective retirees seeing that the grass was greener on the other side and deciding to move there themselves.
#2. Making Less Money Working
While not always the case, some found they were doing less work than they would if they retired and took advantage of their retirement benefits.
If you’re not earning as much as possible, that’s a good incentive to retire.
#3. Loss of Interest or Passion
Some genuinely love their job, and some become disillusioned by the work that they’re doing or are bored with the same responsibilities day in and day out.
Those who experienced a loss of interest or passion realized that it was time to move on and start a new chapter of their lives.
#4. Major Changes in the Industry
Many industries face changes, shake-ups, and other developments that result in whole organizations having to adjust and learn a new way of doing things.
For those who are older, making these adjustments can be too much work, leading them to retire now instead of trying to make a change that won’t matter now or in a few years.
#5. A Desire to Truly Live
Working takes up such a massive chunk of our lives.
Because this is the status quo and the system we’re born into, we don’t take time to second-guess things.
Some nearing retirement have finally realized, however, that it’s time to break away from that cultural norm and truly live their lives.
#6. Nowhere to Move Up or Lost Position
Not everyone has something to look forward to at work.
Whether it’s an epiphany that there’s nowhere else to go in their careers, or they got let go because of their age or internal company changes, they realized it was time to move to the next stage of life.
#7. Poor Mental Health
Poor mental health can take its toll.
Some people ended up retiring because they realized that they needed to take it easier to cater to their mental health, while others realized that their job was the cause of their poor mental health all along.
#8. Declining Physical Health
Declining physical health is a significant motivator for retirement as people realize they need to care for themselves and not spend so much time working.
No matter the physical problem, this has been a wake-up call that told people it was time to retire.
#9. Can’t Keep Up With Modern Work Demands
Over the years, the emphasis on productivity and increased output has resulted in greater responsibilities at work.
Some realized that they couldn’t keep up with these modern demands, opting instead to take advantage of the peace and quiet of retirement.
#10. A Chance for Early Retirement
While others are unfortunate and lose their jobs, some work for organizations that encourage early retirement or offer golden parachutes to support employees who need to be let go.
When this was given, many decided to leap at the opportunity while it was available to them.
#11. Someone in the Organization Died Suddenly
Death is an uncomfortable reality that many of us don’t want to face.
But for those who were at retirement age and witnessed the death of a coworker, this was a reminder that they could be affected at any time and should leave their job while they had the opportunity.
#12. “Anyone Who Says They Like to Work More Than They Like to Play Has Never Played”
This phrase indicated to someone that they needed to step back from work and take the opportunity to enjoy the fruits of their labor.
It was a choice that proved to be the right one as they experienced life through a new lens.
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Are you confused trying to understand how much money you need for retirement?
You’re not alone. It can be a complicated process. The good news is there are some simple calculators to use to make figuring out your number easy.
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It sounds like a dream to retire comfortably on $150K but it can be done.
The catch is you have to move overseas.
But you aren’t moving to a dangerous destination.
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Here are your best options.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.