Signs that You’re Not Ready to Retire

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Early retirement is simply the ultimate dream. For years, we slaved away in our offices or have travelled from country to country, seeing more of the world and less of our families. For most people, retirement is the time that you get to do things as you wish, without a boss nagging around, and best of all, you get to be with your family all the time.

Unfortunately, your retirement may not turn out as the endless vacation you’ve always dreamed of. If you failed to come up with a good retirement plan, chances are you might end up broke with nothing to do except opting for a part-time job that you hate. These are some of the telltale signs that you need to put off retirement for a few more years.

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You Just Hit the Eligibility Age

Just because you recently turned 55 and are eligible for early retirement doesn’t mean that you do have to retire. While you can dip into your private or workplace pension schemes, you won’t be entitled to receive your state pension yet. Additionally, there can be a huge difference in your benefits if you retire now than if you retire five years later, so consider being active for a few more years.

No one has the right to tell you if the age 55 is too young to retire early. You might just as well be ready for it, but considering the longer life expectancy of people nowadays, you can expect about at least 20 more years to live, so make sure you have more than enough resources to survive.

You Haven’t Planned Where to Live

Think of your retirement as settling down again, but this time, it’s likely that you’ll be moving away from your kids. Where would you and your spouse spend your remaining long years? Will it be in the city? In the suburbs? You might also want to consider downsizing your place if it’s just the two of you.

You Haven’t Planned Your Activities

While retirement may be all about relaxation and taking it slow, boredom can easily take the best of you if you don’t have a plan of activities carefully mapped out. While it’s good to have a large amount of time pursuing old habits and passions, too much of it can kill you with boredom. Sleeping in during the first few weeks of your retirement may just be fun, but having nothing to do totally can make you feel useless. There’s nothing worse than having nothing fulfilling to do with your remaining years and questioning yourself if you made the right decision in the first place.

Your Friends and Family are Still Working

While retirement most likely means you get to spend a lot of free time, most of this you get to spend alone. While many people enjoy flying solo and catching up on things they’ve always wanted to do, not everyone does well in being left alone, which is just one of the many things you will have to face in approaching retirement.

If your spouse, your kids, and all others you know are still working full time, you might lose out on that companionship that you’ve always looked forward to. While they’re busy spending their days outside, you end up being disappointed that you didn’t get to spend so much time with your family as you’d hoped. If you’re not ready to be alone, consider setting up social engagements outside of your circle, or perhaps postpone retirement altogether.

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You Still Have Financial Obligations

It’s definitely not fun to have all the time in the world only to find out that you can’t afford paying for the hobbies that you’ve thought of doing. If you aren’t done with the mortgage and other debts they can eat up on your pension money faster that you’d imagined. Consider delaying your retirement plans until after you’re finished off with most, if not all of your financial obligations.

You’re Enjoying Your Job

Everyone feels burnt out for spending prolonged hours working, but for some people who are fortunate enough to land a job that they love, quitting it forever can be very devastating. Make sure you know what is at stake, because when you resign from your job, it’s highly unlikely that you can get your position back.

Working continuously can be physically, mentally, and socially healthy. There’s no good reason to quit a job that you love if you are still fit and can perform at full performance. Just be sure to incorporate periods of rest and relaxation to keep your sanity intact. Furthermore, ask your employer if it’s possible to reduce your work hours but keep your position, instead of quitting altogether.

You’re Thinking of Working Part-Time

On the other hand, if you’ve listed a part-time job as one of your retirement plans, then you definitely need to reconsider. In thinking that you need to work part-time, it’s possible that your subconscious is telling you that you don’t have enough savings yet, even if you hate to admit it.

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