When many of us think about retiring, we often start with whether we’re financially ready and how old we are. We may also evaluate when Medicare will kick in. While these factors are important to a comfortable retirement, there are a number of other reasons to consider starting the next phase of your life. This month, we’ll take a look at some of these non-financial reasons to retire.
- More Time for Yourself
After years of working, you gain the freedom to focus on personal fulfillment, hobbies or just kicking back. You can pursue passions, creative outlets or lifelong dreams without the constraints of a work schedule.
- Quality Time with Loved Ones
Retirement opens up time to connect with family and friends, travel with a partner or help care for grandchildren. You can strengthen relationships that were often put on hold during your working years. If your spouse/partner has already retired, that’s an even greater incentive to retire yourself. Retirement can also offer you the time you want to be a caregiver for an important person in your life.
- Opportunity to Travel
With fewer time restrictions, you can take longer or more frequent trips — exploring new cultures, visiting family or ticking off a bucket list.
- Relieve Work-Related Stress
If work has been mentally, emotionally or physically taxing, retirement can greatly improve your mental health. You regain control over your time and energy, leading to better life satisfaction.
- Health Considerations
If work is impacting your health or if you simply want to focus on wellness, retirement allows time for exercise, medical appointments and self-care. You can prioritize your physical and mental well-being before age-related issues escalate.
- Pursue New Purpose or Volunteer Work
Retirement doesn’t mean doing “nothing” — many retirees find new purpose in volunteering, mentoring or starting a passion project. These activities offer structure, social interaction and meaning — without the pressure of a paycheck.
- Lifelong Learning
Retirement is a great time to explore continued education — from university courses to personal research or certifications in areas that interest you.
- Avoid Burnout or Decline in Work Satisfaction
If your work is no longer fulfilling or your industry is changing in a direction you don’t enjoy, retirement offers a dignified and freeing exit.
- Because You Earned It
You’ve contributed years, if not decades, of your time and talents. Retirement is a milestone of accomplishment, not just an end point.
There’s no doubt that retirement is a super important decision in your life. According to Gallup and U.S. Census data, the average actual retirement age is around 62–64. Indeed, the median retirement age is 62, meaning half of us retire before then and half of us after then. Nonetheless, that’s certainly not necessarily the right answer for you. As you evaluate retirement, it’s useful to remember what Senator Paul Tsongas said in his 1984 retirement letter, “Nobody on his deathbed ever said, ‘I wish I had spent more time at the office.’”
If you’d like someone to help you think through your retirement options, we’d be pleased to help out in a no-charge, no-obligation initial meeting. Please visit our website or give us a call at 970.419.8212 to set up an in-person or virtual meeting.
This article is for informational purposes only. This website does not provide tax or investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Please consult your tax or investment advisor for specific advice.