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How can you know that this is not the correct time to retire?

January 09th 2013

Retirement is an important event in an individual’s life. It marks the new beginning of life. Retirement is a natural progression of life for some individuals. They get a new lease of life after retirement. These people know when they should retire. However, for others, the word "retirement" is a taboo. They’re workaholic. They just don’t want to retire. They become stressed out as their date of retirement approaches.

There is yet another class of people who accept the fact that they have to retire one day. They are not completely contented with this thing. However, they do know retirement is a part of life. What they don't know is the correct time to retire.

It is not easy to decide the correct time to retire. There are lots of factors that you need to consider while determining the correct time to quit job. Remember, that your earning potential is likely to decrease after retirement. So, you need to think carefully before making a decision. Here are the 5 symptoms that help you know that the right time to take retirement has not arrived yet.

1. You've several financial commitments: If you’ve too many financial commitments at present, then this is not the right time to retire. If your children are in college or you need to revamp your dream abode, then you’ll require a substantial amount of money. It won’t make sense to deplete your retirement funds or break your nest-egg for meeting your financial commitments. If you’ve incurred a huge amount of credit card debt or student loan debt, then there is no need to think about retirement at this time.

2. You want to take up a part-time job: Are you planning to take up a part-time job after retirement for personal or financial reasons? You may want to work part time to make some money every month. You may also want to do a part-time job simply to do something. You’re not happy to sit at your home.
The job market is not at its peak stage. So, don’t think that you'll get a part time job very quickly. It may become very difficult to get the right part-time job after retirement. So, it is better that you stick to your full-time job for as many years as you can. This will help you build your nest-egg stronger.

3. Your spouse is against retirement: You can lead a happy retirement life only when your spouse is pleased to see you at home every day. Ask your spouse if he/she wants you to quit job. If your spouse is not yet ready for the transition, then find out why he/she doesn't want it. If your spouse doesn’t want you to retire for a financial reason, then think if you can work it out. If you can’t, then devote your time to office instead of thinking about retirement.

4. You'll qualify for Social Security: Are you eligible for the Social Security benefits right now? Are you contemplating retirement just because you’ll qualify for Social Security benefits? If yes, then this is the biggest mistake you’ll ever commit.

People are living longer. So, if you’re physically active and you’ve a special talent, then try to postpone your retirement. Work for a few years more. Don’t use Social Security benefits right now.

5. You're very much depended upon the stock market: Your retirement fund is not enough to guarantee a peaceful financial life. You need money and you’re heavily depended upon the stock market returns.

Financial experts are of the opinion that one shouldn’t invest their funds on stock market. There is no guarantee that retirees would be smart investors. It is not always possible to choose the right stocks every time. One wrong step can be fatal for the retirees. It can ruin their financial life altogether.

Do the necessary mathematics and find out if you have saved enough to lead a fantastic retirement life. If you think that you don’t have enough money to lead a good retirement life, then it would be better if you work hard to make as much money as possible.

Retirement brings a change in your life. You need to decide the time when you’re ready to accept this change. Look at the aforementioned symptoms to choose the right time to retire.

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