How do you know when it’s time to retire? 7 tell-tale signsEveryone deserves a happy retirement, but choosing when to retire is a pickle. Are you ready to leave the routine and purpose of work life, and do you have the money to support your future? You may want to retire, but it could be a case of the right place, wrong time. So when is the best time to retire in the UK? Don’t go anywhere - this is the place to find out. Show
1) You can afford toThe main way of knowing when it’s time to retire is to check your financial situation. If you’ve paid off all of your debts - mortgage, car bills etc - then you are already in a pretty solid position. Beyond this, you’ll also need to calculate if your budget will allow you to enjoy a comfortable retirement. Crunch up the numbers, calculate the monthly costs of living against your savings and pension, and you should be able to work out when is the right time to retire. 2) You have something else to doThere’s nothing worse than retiring earlier than you should, and quickly discovering you have nothing to do with your free time. As boring as it becomes, work life gives you a sense of purpose as you go about your daily life. Without this, you will need something productive to fill your time. So if you’re bursting to explore the world, pursue a new passion or learn a new skill, retirement is the time to do it. 3) You are no longer supporting kids or parentsIf you are still supporting kids or grandkids, now might not be the best time to retire. The costs of getting your children through life - unless they are capable and have jobs of their own - are considerable, and may restrict how much money you have in retirement. If you also have elderly parents who need support, retirement becomes an even more distant possibility. Once your kids have flown the nest, you can start getting excited about the possibility of retirement. 4) You are at the retirement age (or older)One of the clearest signs that you are ready to retire - you’ve hit the legal retirement age! The retirement age in the UK is 66, though you can choose to work beyond this point if you wish. However, this shouldn’t be the be all and end all of your retirement decision - you can retire early if you do have the funds! 5) Work is affecting your healthIs work having a negative impact on your health? Retirement could be the relief you need. Work life can be stressful, and you may get to a point where you resent the early mornings and busy commute. You can explore the option of working flexible hours or a less-stressful job, but retirement might be the safest bet to any underlying health issues. You may even be eligible for early retirement with ill health. 6) Your partner wants to retire tooIf your decision involves your partner, it helps if you are both on the same page. Retirement is a decision that needs to be made together, and your vision of an ideal retirement should ideally be aligned. However, if your partner wants to continue working when you want to retire, it might not be the best time! 7) It’s time for you to relaxYou haven’t had a spa day for as long as you can remember. Your last beach holiday is a distant memory. You can’t remember the last time you haven’t been thinking about work. All key signs that it is time for you to relax, and enjoy a work-free life! So most (or all) of the signs apply to you - what next? Churchill’s retirement homes are the ideal place to get your retirement life started. Skip to content
Click here to access our new digital platform today. How Do You Know When It’s Time to Retire?How Do You Know When It’s Time to Retire?Deciding when to retire is an important choice that should not be taken lightly. Though age is often seen as a determining factor, it’s worth considering other things too. From financial health to career satisfaction to family commitments, there are some key lifestyle signs to look out for that may suggest the time has come.At Hansford Bell, we help clients all over the UK plan for the retirement of their dreams. Whether you’re looking to get ahead with your planning, or are nearing retirement age and need timely guidance, we’re here to support your transition into the next phase of your life. In this article, we highlight 8 key signs that may suggest you’re ready to retire. 8 Signs You Are Ready to Retire.You Have Achieved Career Satisfaction Many of us have career aspirations that are central to our identities. Once these have been achieved, other aspirations are likely to take their place. If you’ve reached your goals in your working life, then you can retire with confidence and satisfaction, and are less likely to regret leaving. When your identity and aspirations for the future begin to hinge on life experiences, rather than your job, it may be time to draw a line under the current phase of your life, and step into those golden years. You Are Debt Free Retirement can often mean a significant cut to your income. That’s why it’s advisable to retire debt free if that’s achievable for you. Having debts will put pressure on your monthly finances, and may restrict some of your options in later life. If you own 100% of the equity of your house, and have no other loans to speak off, you will be much more financially flexible. Though money isn’t everything, it will allow you more freedom in retirement to live the lifestyle you’ve been dreaming off, without having to worry about money. See more: How to Prepare Financially for Retirement > Your Portfolio is Performing A diverse investment portfolio that is generating steady returns can make deciding when to retire much easier. Offering a welcome boost to your pension provision each month, a high performing portfolio may mean it’s no longer necessary for you to be working every day. At this point, it makes sense to retire and start doing all the things you have planned to do with your loved ones, and enjoy your proliferating wealth. You Need to Rest Work can take a toll on your health and may become an emotional burden in later life if you work in a high-stress environment. To safeguard your wellbeing now and in the future, it might be a good idea to step back from the world of work and start taking it easy. Some say health is the most valuable asset there is. Ensuring you will have a good quality of life in retirement is just as essential as having the finances to deliver it. Check in with your physical and mental health and ask yourself: do I need to call it a day? You’re No Longer Supporting Children or Parents Having dependants can put pressure on your finances. Maybe you’re contributing to your children’s rent or helping them purchase their first home, or maybe you have your parents’ care fees to think about. Once your children are fully independent and able to support themselves, and you don’t have parents to care for, it will be much easier to navigate your retirement finances with confidence. You Know Your Goals Do you know what you want your retirement to look like? If the answer is no, remaining at work for a few more years might be sensible. Once you know what you want to do and how you want to live, you’ll have a better idea of what your finances need to look like. If you have goals in mind and the finances to achieve them, the time to retire may have come. The Market is Healthy Retiring when the market is healthy means your portfolio is likely to remain robust and be better able to withstand future downturns and fluctuations. If signs are suggesting the economy is suffering, it might be wise to delay retirement until things return to normal. If, however, all signs point to positive market performance, you may decide it is the perfect time for you to begin the next phase of your life. Your Spouse Agrees Unless you have no partner, retirement is likely to be a joint decision. That means it’s crucial to communicate your hopes and dreams to each other, and plan a retirement that is fulfilling for you both. Saying goodbye to your career will have an impact on your household finances, so your spouse needs to be involved in the discussion. If your spouse is happy for you to retire, or better yet, they are also retiring, then it’s time to get excited about the prospect of your golden years together. Retirement Financial Planning in the UK.Are you thinking of retiring but not sure if it’s the right time?Our team of retirement financial specialists can help you determine what you want from your retirement, and put in place a roadmap to help you get there. With our chartered financial planners on your side, you can step into retirement feeling confident and ready for what’s next. Contact us today and arrange a free initial consultation with a member of the team! Request a free consultation call or a face-to-face-appointment with the team! "*" indicates required fields Get in touch.
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© Hansford Bell 2021. All Rights Reserved. Website by Squarebird. Page load linkHansford Bell powered by True PotentialView, track and update your portfolio securely and on the go with our new platform.Securely message advisors, review documents and allocate funds in real time, while earning rewards.Download from your app store. What are the signs that you are ready to retire?Here is how to tell if you are ready to retire:. You are financially prepared.. You have eliminated debt.. You have a plan to cope with emergencies.. You have health insurance.. You have a social network.. You have something else to do.. What are the five stages of retirement?The journey through the 5 stages of retirement. Stage 1: Pre-retirement.. Stage 2: The honeymoon phase.. Stage 3: Disenchantment.. Stage 4: Re-orientation and finding yourself.. Stage 5: Stability.. What is the best age to retire at?The normal retirement age is typically 65 or 66 for most people; this is when you can begin drawing your full Social Security retirement benefit. It could make sense to retire earlier or later, however, depending on your financial situation, needs and goals.
What is the average age of someone retiring?While the average U.S. retirement age is 63, when you decide to retire is dependent on tons of factors: Savings. The average Social Security monthly retirement benefit is roughly $1,620. For most, that's hardly enough to cover living expenses, which is why you have retirement savings.
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How do i know when its time to retire
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