Retirement Life
The questions everyone needs to ask themself before retiring
Planning your retirement takes more than deciding “When should I retire?” There are financial, lifestyle and emotional considerations to take into account to ensure you are prepared for next stage in life. Ask yourself these 16 questions first before you decide to retire.
- Are you or your partner ready to retire from full-time work? Are there other work goals that you would like to achieve before you leave your job for good?
- What kind of lifestyle do I want in retirement?
- What are your financial circumstances?
- How much debt do I have? Do I want to carry it into retirement?
- What are my expenses now and what will my expenses be in retirement?
- How long can you live on your savings?
- Will I want to downsize my house?
- What will you do when you retire? Have you considered part-time work or volunteering?
- Have you developed or decided on meaningful activities to replace work?
- What are some of the changes you think you might encounter in retirement? How will you handle it?
- What can you do now to minimise potential problems in retirement?
- Are you supporting dependent children? Are you supporting parents?
- Are you eligible for an age pension or part age pension?
- If your spouse or another family member becomes ill, what will you do?
- Where will I get my health care? What happens if I become seriously ill or injured?
- Am I emotionally ready to retire?
Related links:
Retirement boosts happiness and health
6 questions you must ask yourself before downsizing