For decades the normal retirement age was 65 years old. It’s what we’ve traditionally used for social security and it’s when you become eligible for Medicare. Both are signals that it’s time for you to think about retiring if not actually moving to retirement.
Retire to what?
If you’re getting ready to retire there are some things you need to think about. How will you replace the relationships that you have at work? A sad thing is that when you retire there’s a very good chance that those you hung out at while working will disappear from your life.
This isn’t a good or bad thing, it just is. When we’re off the radar screen of others we often forget to call. Before long that forgetfulness might become an embarrassment. When that happens it just might be easier to let that person fall away.
Will you be able to afford it?
If you retire at 65 and are in good health there’s a very good chance you’ll have 25 or 30 years of life ahead of you. That means you’re going to need savings to help you get through those years.
If you’re concerned about whether you can afford to retire you might want to think about work in retirement. Since your retirement work is probably part-time work you could plan on doing some work that might be fun. Hopefully you’ll be able to work for less money so fun could be the biggest need you have.
Will you want to do it?
When you reach 65 will you want to retire? I know that in my case I have no interest in leaving what I do now. I love what I do and I don’t have a good answer for what would be next in my life.
I’ve arranged my work so that almost everything I do is a lot of fun. If you work for yourself you can do that to. Before taking the leap, make sure you don’t have sellers or retirement remorse. You need to spend some time thinking about whether retirement is right for you.
How about thinking about a second act.
When you retire you might want to think about what you’ve always wanted to do but either couldn’t afford it or didn’t have the time. When you retire, there is a good chance you’ll have time for a new major activity.
I’ve always believed that once we reach our adult years we have at least three careers in us. The first is what I call a learning career. The second is when you get to apply the lessons that you’ve learned. The third career is something that you want to do just for fun. Do you have a just for fun idea lined up?
You might live for a very long time.
I see more and more people around me who are active well into their 80’s. If you’re retiring at 65 years old that means you could have 25 or 30 years of life with full activities. If this happens don’t you want to make sure you’re doing something that is fulfilling as you live your life?
Part of retiring at 65 is having enough savings. We have a special report on the basics of investments. Understanding and managing your investments properly is part of your retirement plan. I hope you download this report and read it. It’ll help with your planning.