If you’re thinking of retiring in the next few years, it is time to consider how prepared you are for your newly found freedom from the world of work. Knowing when you’re going to hang up your work clothes for good can be exciting, but it is essential that you have begun to take the necessary steps to do it right.

When to retire

For the majority of people, retirement will come when they feel they have accomplished their goals, reached a certain level of financial security, and, if they have had them, seen their children fly the nest. 

The average age of retirement in many countries is around the early-to-mid 60s, though reports suggest that many people have not taken the time to draw up a comprehensive retirement plan, meaning just because you have ticked off all of the ‘usual’ reasons to retire, the change of pace may not be what you’re ready for. Proper planning is vital to being able to enjoy the post-work years, as is being prepared for how your life will change.

Employment brings friendships and routines, and you might not be ready to transition into a period of increased spare time and reduced responsibilities – particularly if you are a workaholic. Speak to friends and family about money, hobbies, and your upcoming decision to make sure you’re in the best possible mindset for retirement.

Be financially sound 

Financial security is a huge part of retirement. Consider speaking to experts and your employer about retirement options such as a 401k plan, so you know you have followed some sound advice for retirement planning. Money is by no means everything but being safe in the knowledge that you can travel, eat out, and have some left over for a rainy day is certainly a bonus. Sorting this out early will give you peace of mind that you will be ok financially once retirement happens. 

What to do with your retirement

Whether you’re going to spend more time gardening, see far-flung family more often, take a long holiday or even build a new home, it is helpful to start thinking about what you’d ideally like to do with your retirement before you take the plunge.

Volunteering at local charities or organizations is a popular retirement pastime, as those used to a life of work strive to find a helpful purpose – working in charity shops or taking part in voluntary group activities is also a fantastic way to remain connected to others. Think about what it is you enjoy doing currently and how the extra spare time and fewer work-related stresses will enhance your existing passions.

Where to live during your retirement

This is truly the most liberating aspect of your retirement. Without being tied to a place of work, you can finally move to that city you love to visit, bring your home closer to family or move somewhere entirely new.

Many who have lived and worked in the city for years will move out to greener, more slow-paced pastures, eager to start the best years of their life.