It can be difficult to know when you’re ready for retirement. Some people naturally just realise it’s time to give up work, while for others, they are waiting for a sign before they start taking their pension. Here are some of the signs it might be time to give up work and focus on yourself.
- You’ve reached the maximum age for your job
If you work behind a desk, you may be able to keep working for years after the standard retirement age. However, some jobs have a maximum age. For example, first responder retirement comes at an earlier age, as the job is physical and older people would struggle. Check out whether your role has a maximum age, or when people in your industry tend to retire.
- You have a busy life outside of work
Life can often be taken over by our careers, but as people get older, they sometimes ease off on work and spend more time taking up hobbies. This may include:
- Exercise classes
- Social clubs
- Gentle sports
- Learning new skills
Finding that you’re spending more energy on hobbies than on your job? Now might be the time to think about retiring and enjoying life more. Best of all, you won’t feel bored when you leave your job, as you’ll already have so much to do.
- You’ve got your finances in order
By the time you are getting towards retirement age, you may find your expenses are lower, without the costs like your mortgage and childcare to pay, and you’ll no doubt have paid into a pension too. This means, if your retirement age is coming up soon, it may be time to assess your financial situation and get financial advice. If you already know that you’ll have enough to retire and live comfortably, then this can be a good sign that it’s time to start planning your retirement.
While the retirement age is on the rise, most people have some flexibility over when they retire. However, it can be difficult to know when to take this big step, and if you’re someone who’s always been career focused, it can be hard to let go. Look out for the signs above to help you decide whether it’s time to retire. From feeling the physical toll of your job, to mentally checking out and feeling bored, there are a number of signs that you may be ready to leave the workforce.