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   Planning Your Retirement found in Mind & Body  :  Aging & Retirement A   A   A
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Planning Your Retirement
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Is it getting to be about that time? Retirement is an exciting, liberating new chapter in life—but if you’re not prepared, it can be a period of abrupt change and uncertainty. Plan ahead for a joyful and fulfilling retirement with tips on how to:
  • Decide whether you’re ready for retirement, and if so, where to live
  • Make sure your money lasts comfortably through your full retirement
  • Enjoy a healthy and active social, physical, and intellectual life after retiring
 
 
 
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Should You Retire?

According to the United States Social Security Administration, the average retirement age currently falls between 65 and 67. But just as no single job or career suits every worker, the best age for retirement differs for every person.

The Pros and Cons of Retirement

Many people imagine their retirement as an idyllic time in which life will finally be perfect. However, many studies have shown that while retirement has many pluses, even the most vibrant retirements can have drawbacks.

Pros

The freedom of retirement opens the door to new possibilities.
  • Independence to enjoy life: As a retiree, you can enjoy life full-time and completely on your own terms.
  • Freedom to try new things: You can pursue opportunities that you might have had to pass up while working, such as extensive travel or furthering your education.
  • Time to spend with your family and friends: Retirement gives you the time to spend with the people you love, without the demands of work cutting into your schedule.

Cons

Retirement is more than walks on the beach and time spent with grandchildren. In planning your retirement, it’s essential to consider the challenges that retirement presents, in addition to the many pleasures and opportunities.
  • Loss of work identity: As a retiree, you’ll no longer identify yourself based on the type of work that you do. Instead of saying, “I’m a banker,” you’ll say, “I’m retired.” The loss of your work identity can bring about feelings of low self-esteem.
  • Lack of direction: Employment makes workers get up and go each morning. It can be difficult to adjust to the absence of a structured schedule.
  • Loss of currency in your field: Retirement can cause your work-related skills to gather dust, making it hard to reenter the workforce if retirement doesn’t suit you.
  • Boredom: Studies have shown that the happiest retirements are active retirements, full of challenges, activities, and new opportunities. Retiring without a plan—or with the plan of doing nothing—can lead to boredom or even depression.

How to Decide Whether Retirement Is Right for You

Most people focus on retiring when they reach a certain age. However, it’s generally a better idea to assess whether retirement is likely to make you happy. The following table will help you gauge whether you’re ready to retire.

 
You’re probably ready to retire if . . .
  
You’re probably not ready to retire if . . .
  • Your job has changed. Retirement can be a great way to transition out of a workplace that’s in flux. In retirement, you can keep working at what you love by taking a part-time or volunteer position.
  
  • You enjoy the social aspects of work. The workplace provides a sense of purpose and a feeling of camaraderie. Many retirees underestimate how much they’ll miss socializing each day with friends from work.
  • You feel that you’ve achieved your goals in the working world and want to take on new challenges, such as travel, charitable work, or even going back to school, retirement will likely suit you.
 
  • Weekends bore you. If you feel like you don’t have anything worthwhile to do apart from work, or if free time makes you anxious and restless, then it’s probably best to keep working.
  • You’re sick of the daily grind and feel that you no longer want to endure commuting, meetings, and dealing with bosses or employees every day. Consider, however, whether you’d still want to work if you could find a more fulfilling job.
  
  • You feel that you’re at the top of your game. If you believe you’ve reached a level of skill that you’ve worked many years to achieve, then you should probably continue to work. Retirement will most likely not provide as strong a sense of fulfillment as your current job does.
 
 
 
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