Approaching retirement age is a scary phase in your life. You don’t know what’s going to happen next. You worry that you’re not getting the same monthly income anymore. You also think that being out of a job will drastically change your life. If you haven’t reached that age yet, you have time to prepare. Once you see these signs, you know that you’re ready for retirement.
You’re ready to stop your job
Changing your daily routine after decades of doing it could be tricky. You wake up at the same time each day so you won’t be late for work. After retirement, you suddenly stop going to work, and it changes everything. However, if you’re ready to let go of your job and pass it to someone younger than you, it means that you won’t feel bad about retirement.
You have plans for retirement
Another sign that you’re ready is when you already have plans for retirement. You know what you will do with your free time. You don’t feel worried that you will get bored not doing anything. You can pursue your hobbies or take part in different organisations.
You still have friends outside work
You worry about your social life once you retire. If you made friends outside work over the years, you know that retirement will still be fun. You can hang out with them or even travel to different places. If they’re your fellow retirees, you won’t feel bored with retirement at all.
Your kids are already stable
It’s not easy to retire when you know that the people you love still have a lot of financial challenges. They could also face other issues outside the family. As adults now, you don’t need to be so responsible for them. However, as a parent, you want to make sure that your kids are in a good situation. If they are, you can retire without feeling burdened.
You feel excited
Most people are unhappy about retirement. They dread the time when they won’t be as useful as they used to be. However, if retirement excites you, and makes you feel like you have a lot to look forward to, it’s a good thing.
You’re financially ready
You won’t have the same income anymore once you retire. If you prepared well by saving up using your retirement plans, it’s a good thing. You can use your savings to sustain your lifestyle upon retirement. You can even start doing the things you love but were unable to do because of the nature of your job.
If you don’t think you’re financially ready yet, it’s okay. You can rely on loans for retirees such as equity release schemes. For this loan, you need to secure it against your property. After you die, the creditor will sell your house and use the amount to pay for the loan. The extra money will go to your kids.
Retirement is scary for several reasons, but you need to face it with pride and excitement.