Depending on your mindset, and how much you enjoy your work, you are either looking forward to retirement, or consider retirement with some sadness, perhaps even fear. The current Social Security law is that you receive maximum benefit at age 66. But the earliest we can start collecting Social Security retirement benefits is age 62. Some people do try to hang with their job until the age of 66 to maximize Social Security retirement benefits. But for many sexagenarians (age 60) there may be other reasons to consider an early retirement. For some health issues may force a retirement earlier than age 66. In extreme cases if health issues prevent you from doing a job you have done for many years, filing for Social Security disability might be an option. For others, it might not be an issue of disability, but rather health issues make their job increasingly more difficult to perform. In a survey of over 4,000 US employees who retired published by Willis Towers Watson, for most people, the decision to retire was prompted by both personal and professional circumstances. Another finding in the survey was that one out of five-people retired because they felt disengaged in their jobs. For more on the WTW survey see…https://www.towerswatson.com/en-US/Insights/Newsletters/Americas/insider/2016/01/why-workers-retire-when-they-do-a-survey-of-u-s-retirees. If you are thinking of retiring early, take the time, and effort to consider the reasons you are considering retiring. Some root reasons, like job disengagement, can be worked on, and the job experience will improve. When doing a deep dive to uncover the reasons you are considering retiring, a career professional, such as a career consultant, or career coach can provide great value, and provide some objectivity.
Below are some other things to consider before you make a decision to retire from your job.
MONEY: Can you afford to retire? Create a bare-bones monthly budget to project what you will need in monthly income to be able to survive. Build in inflation. A conservative number to consider is about 3% inflation per year. Short story, a dollar you have now has greater buying power than a dollar you plan to spend ten years from now. If you ae approaching AGE 62, get an estimate for ssa.gov.
ROOT REASONS: As mentioned above, consider the root reasons you are considering a retirement. If is health related, it might be possible your organization might be able to give you some accommodations, such as an ergonomic office chair and/or desk. If the commute to the office is becoming more difficult as you age, you might be able to arrange to work from home one or more days per week. Although rare, you might be able to negotiate going from full time to three quarter, or even half-time employment. A career professional can provide some guidance in these areas.
FATIGUE: Consider if your job is making you feel fatigue. Fatigue can be physical, but it can also be mental. You might be feeling job fatigue not because of physical fatigue, but mental or emotional fatigue. If fatigue is an issue consider those things you like to do. What hobbies do you enjoy? Do you have energy to enjoy those? If so this might be a fatigue that is mental, or emotional. In considering those hobbies you do enjoy, and have energy for, is there a way to create a job around them? If so this might be an indication of what a new career might look like. You might even have a vision of creating a new business built around those things you love, and ignite your passion.
NEW JOB: If you feel you have energy for the work you have been doing, but your discontent is around the current team, or organization you are working in, it might not be a retirement question, but a question of finding a different job in the same field. Finding a new job in your sixties is more difficult to land, but it is not impossible. And it is an easier transition if you are staying in the same field and industry. Making a change always has some risks. But if you are finding that you are miserable, and have little energy to do your job with your current employer, a change is probably worth the risk.
RETIREMENT CAREER: Is there work you have always tough of doing, but never had the opportunity to do? If so this might be the best time to create plans to make this happen. Start by creating a list of those jobs that you have always wanted, or activities that you have always wanted to pursue, but never got the chance. If your “dream job” does not conflict with your “day job” there probably is a way you can explore the option of a new career while continuing to bring in a pay check. This “always wanted to” job might be a paid opportunity, or it might be a volunteer opportunity. It might start out as part time work, but may lead to full time, paid employment. It may even lead to creation of your own business. Consider your financial needs, and what options might work while still keeping your day job. But now might be the best time to start researching options based on your loves. Organize your thoughts. Start Networking. Start asking questions, and making contacts. You most likely do all of the above while still keeping your current job.
PURE RETIREMENT: For some people the retirement life is just that – it is a time where there are no job responsibilities, no job clocks, and no job pressure. There are those that look forward to retirement and see it as a never-ending vacation. You might be one of those. To play this out, consider what you would do with retirement time. Start with your hobbies. What hobbies do you enjoy? Are the expensive hobbies, like travel, and entertainment? Or are they fairly low-cost, like fishing, and chess? By weighing the costs of your hobbies, you can better plan the timing of your retirement. Imagine what a typical day in retirement will look like. Will this be a pleasant way of life? Will you become bored? And if you become bored, what are appealing options. There are plenty of ways to help, and to give back to your community, and this may be a very fulfilling option in your retirement. The key thing here is to weigh out what your retirement will look like before you exit your job.
There are many reasons that you might be considering retirement. If you are like most people, personal and professional circumstances are playing a part. For over half of those that choose to retire employer eligibility, such as pension programs are key to the retirement decision. For 20% of the people, feeling disengaged from their jobs is a consideration. As you are considering retirement, my suggestion is to consider the root reasons you are thinking about retiring. Some of the root reasons might be addressed by having some conversations, or taking some actions, especially if it is in the form of accommodations. It might also be the case that the environment, the employer you are working for has become tiresome. In this case it might be worth doing a job search, especially if you plan to stay in the same field or industry. A career professional, such as a career counselor, or career coach can help identify root issues in your career, and help you weigh out options and risk. If we look at retirement as an ending, it is only an ending of a phase, or milestone in our life. What comes next might be the career we always dreamed of, or volunteer work, giving back to the community, or a never-ending vacation. After careful consideration, and some planning, you have the power to make your retirement the one that is most gratifying.
Author: Brian Kail, MBA, CPC is a professional career coach, and business mentor. For more information see AscendProCoach.com
Below are some other things to consider before you make a decision to retire from your job.
MONEY: Can you afford to retire? Create a bare-bones monthly budget to project what you will need in monthly income to be able to survive. Build in inflation. A conservative number to consider is about 3% inflation per year. Short story, a dollar you have now has greater buying power than a dollar you plan to spend ten years from now. If you ae approaching AGE 62, get an estimate for ssa.gov.
ROOT REASONS: As mentioned above, consider the root reasons you are considering a retirement. If is health related, it might be possible your organization might be able to give you some accommodations, such as an ergonomic office chair and/or desk. If the commute to the office is becoming more difficult as you age, you might be able to arrange to work from home one or more days per week. Although rare, you might be able to negotiate going from full time to three quarter, or even half-time employment. A career professional can provide some guidance in these areas.
FATIGUE: Consider if your job is making you feel fatigue. Fatigue can be physical, but it can also be mental. You might be feeling job fatigue not because of physical fatigue, but mental or emotional fatigue. If fatigue is an issue consider those things you like to do. What hobbies do you enjoy? Do you have energy to enjoy those? If so this might be a fatigue that is mental, or emotional. In considering those hobbies you do enjoy, and have energy for, is there a way to create a job around them? If so this might be an indication of what a new career might look like. You might even have a vision of creating a new business built around those things you love, and ignite your passion.
NEW JOB: If you feel you have energy for the work you have been doing, but your discontent is around the current team, or organization you are working in, it might not be a retirement question, but a question of finding a different job in the same field. Finding a new job in your sixties is more difficult to land, but it is not impossible. And it is an easier transition if you are staying in the same field and industry. Making a change always has some risks. But if you are finding that you are miserable, and have little energy to do your job with your current employer, a change is probably worth the risk.
RETIREMENT CAREER: Is there work you have always tough of doing, but never had the opportunity to do? If so this might be the best time to create plans to make this happen. Start by creating a list of those jobs that you have always wanted, or activities that you have always wanted to pursue, but never got the chance. If your “dream job” does not conflict with your “day job” there probably is a way you can explore the option of a new career while continuing to bring in a pay check. This “always wanted to” job might be a paid opportunity, or it might be a volunteer opportunity. It might start out as part time work, but may lead to full time, paid employment. It may even lead to creation of your own business. Consider your financial needs, and what options might work while still keeping your day job. But now might be the best time to start researching options based on your loves. Organize your thoughts. Start Networking. Start asking questions, and making contacts. You most likely do all of the above while still keeping your current job.
PURE RETIREMENT: For some people the retirement life is just that – it is a time where there are no job responsibilities, no job clocks, and no job pressure. There are those that look forward to retirement and see it as a never-ending vacation. You might be one of those. To play this out, consider what you would do with retirement time. Start with your hobbies. What hobbies do you enjoy? Are the expensive hobbies, like travel, and entertainment? Or are they fairly low-cost, like fishing, and chess? By weighing the costs of your hobbies, you can better plan the timing of your retirement. Imagine what a typical day in retirement will look like. Will this be a pleasant way of life? Will you become bored? And if you become bored, what are appealing options. There are plenty of ways to help, and to give back to your community, and this may be a very fulfilling option in your retirement. The key thing here is to weigh out what your retirement will look like before you exit your job.
There are many reasons that you might be considering retirement. If you are like most people, personal and professional circumstances are playing a part. For over half of those that choose to retire employer eligibility, such as pension programs are key to the retirement decision. For 20% of the people, feeling disengaged from their jobs is a consideration. As you are considering retirement, my suggestion is to consider the root reasons you are thinking about retiring. Some of the root reasons might be addressed by having some conversations, or taking some actions, especially if it is in the form of accommodations. It might also be the case that the environment, the employer you are working for has become tiresome. In this case it might be worth doing a job search, especially if you plan to stay in the same field or industry. A career professional, such as a career counselor, or career coach can help identify root issues in your career, and help you weigh out options and risk. If we look at retirement as an ending, it is only an ending of a phase, or milestone in our life. What comes next might be the career we always dreamed of, or volunteer work, giving back to the community, or a never-ending vacation. After careful consideration, and some planning, you have the power to make your retirement the one that is most gratifying.
Author: Brian Kail, MBA, CPC is a professional career coach, and business mentor. For more information see AscendProCoach.com
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