Retirement is one of the most important milestones for many of us. After years of pursuing our careers, it can finally be time to hang up your work coat and enjoy more free time. However, it’s also the mark of the ending of a significant part of your life.
Regardless of whether you’re excited about your new freedom or not, the fact remains that it can be scary starting a new chapter! So, how can you be sure if it’s time for you to retire or not?
Sometimes the signs are there, but we’re not sure whether this is the case. To help you, here are some red flags that it’s probably time for you to retire in comfort.
Your Finances Are In Order
The first sign of your retirement readiness will be how healthy your finances are. Do you have enough retirement funds put aside to be able to quit working your job? If you have a significant amount of savings and income sources to sustain your current lifestyle without having to work, then this is it! This is your moment to retire and enjoy your hobbies and interests.
You’re No Longer Satisfied With Your Work
At some point, you may no longer find your job satisfying anymore. Whereas once you might have felt extreme joy carrying out your tasks, now it feels like more of a burden than a passion. This can lead to poor performance in your work, not to mention an increased chance of depression.
When you no longer desire to pursue your job, then this can affect your mental health, your relationships with others, and even lead to burnout. If you start to notice you have absolutely no fulfillment in your job anymore, then this is a big red flag that retirement may be in order.
Need For More Personal Time
The closer you get to retirement age, the more you may find yourself wanting to do things you haven’t had time to do until now. If work is starting to feel like you’re incapable of enjoying life to the fullest, then it may be a sign that retirement could be the right choice for you.
Retirement can offer the perfect opportunity to pursue new hobbies, spend more time with people you love, and even travel! This is why retirement is so important for so many people since it’s finally a moment that you can devote entirely to yourself without having to put your kids, career, or other obligations before your own needs.
The Economy is Right
If you are thinking about retiring and you notice that the economy is where it should be, this means that your retirement savings could be where they need to be too. If the stock market is at an all-time high and your investments could return big bucks, then talk to your financial advisor about whether now is the moment to cash in and retire for good.