Swedish tennis legend Bjorn Borg retired in 1983 – at age 26. Jack Borden, an attorney from Weatherford, Texas, was still practicing law when he died at age 102. Some people retire because they’ve reached the top of their career and want to move on to something new. Others keep working from necessity or just because they love what they’re doing. Knowing when it’s time to retire is not an easy decision. If you’re thinking of calling it a day, take a few moments to ask yourself some important questions.
Job Or Business Interest
Has your focus been shifting from your job to interests outside of work? If you feel you’ve done it all or, frankly, just don’t want to do it any more, it may be time to move on.
For business owners, the right retirement age may depend on having the right management in place to take over. And if your job is high pressure, would you feel better if you could get rid of some stress?
Health & Life Expectancy
Are you healthy now? Is there a possibility you may not be healthy enough to do the things you want in a few years? If you plan an active retirement, make sure you step aside while you can still enjoy your future ventures.
Do you have enough money to retire comfortably and enjoy yourself? Or do you need to work a few more years and save as much as possible?
Be sure you have enough income to cover your current and future living expenses. Also, find out how the age you retire affects your social security or pension payments. Line up your financial future before you quit your day job.
Interests & Hobbies
Are there activities you don’t have time for because of your job? Being retired doesn’t mean you will have nothing to do. Maybe you have hobbies you’ve always wanted to spend more time on. Some people like to travel after they’re retired, while others prefer hanging out with family and friends. Assess your interests. Is this the time to move on to the next chapter in your life?
Be Ready When You Want To Retire
Make sure your financial and personal affairs are in order. Trading your corner office for your favorite table at the local coffee shop can be smooth and easy transition with a little foresight.
At Keystone Law, our attorneys assist retiring people with their legal questions every day. Check out our videos or, to schedule an appointment, call us at (480) 418-8448. We offer services for clients throughout Arizona, including Chandler, Gilbert, Sun Lakes, Tempe, Phoenix, Mesa, Scottsdale, and Apache Junction.