How To Decide When To Retire

Deciding when to make the big move toward retirement can be tough

, especially if you love what you do. There can be also be endless other factors that you have to take into account--health, family, finances, and living arrangements.

Now, no amount of advice can grant you a perfectly smooth retirement--there will always be a few bumps to work out on your own--but I can offer my best tips on the points you need to consider so that you can have fewer bumps along the way.

Of course, the first thing you need to think about is your work situation. If you are in an important position that requires extensive experience and/or training, then you will want to think about how much time that will take so that you can retire knowing that your job is in capable hands.

You may even want to consult any supervisors to find out if you can get involved in the hiring process. After all, you are the one that knows your position best, so you will most likely be able to spot the right qualifications in candidates for your replacement.

However, remember not to be too pushy. It took you years to get your knowledge and experience, so you need to be a little lenient with potential workers.

If you plan to relocate for your retirement, you should also consider the cost of doing so. Moving can be very expensive, even if you are not hiring professionals. You might want to continue working for as long as it takes to save the hundreds or even thousands of dollars you may require to have a smooth move.

That is not to mention the time it can take to sell your property. Even if the housing market has an upturn between now and your longed-for date, it can still take several months for you to close a contract on your home. That is not to mention what it will take to purchase a new residence or find a rental if that is your desire.

The timing of these things is always tricky, no matter what the circumstances, but you might be able to base your decision on when your pension or other retirement funding comes through.

Finances are naturally one of the biggest roadblocks to retirement. If you retire early, your monthly social security checks will be significantly smaller than they would be if you wait.

But sometimes health restrictions make retirement necessary. Discuss some options with your doctor--you may be able to reduce the hours you work or manage some other tasks until you are really ready to retire.

by: Art Gib

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