All adult people work day by day, earn their income to spend it on basic needs and different luxuries of life but inevitably there comes a point when they are not able to work anymore. Under the law once you turn 65 you have a chance to retire and to get pension from the government. But there are many strong elderly persons who still feel like working and consider numerous advantages of staying at a working place.
Here are some points highlighting the particular features of retirement which will help you to take a decision if to do it or not. Of course the issue depends on life circumstances of each individual but here are some common points which could be considered by everyone.
1. Fist what you need to think about when going to retire is that your income source will significantly decline. You will become dependent on governmental maintenance and in any case of money shortage you will have to spend the money which you saved as a retirement fund. But you also need to remember that money should be turned back with a certain amount of interest. Of course if you have a family able to help you with any cash issues there is nothing to worry about.
2. Preparing to the retirement age financially is an important issue and you need to think about it from the young age. Note that the size of Social Security payments is near $1300 and it may increase not more than $2500 depending on your length of work. So if the term ‘fund for the retirement’ is not unfamiliar to you then you will have all conditions for comfortable life.
3. If you are 65 and still have a job which is not like pain in the throat, if you still have forces to perform your job in a good way then it is the best idea not to drop it. Working just few more years will not just bring you income but you will have a chance to get more money as soon as you are approved for Social Security payments. You will also have an opportunity to benefit with health insurance coverage which is provided by the employer. It is true that you will have to pay 100% of your health care after retirement.
4. What you need to think of is what you are going to do on your pension. Without the necessity to wake up early each morning and to spend most part of the day while performing your duties you will find much free time. Here is very important to think of what you are going to do, to create goals and a plan in order to avoid mental disorder. Or it may be better to stay for some time at work unless the issue is solved.
5. Many people are simply tired from work and from daily duties which are referred to it. Working for let’s say 30 years is a lot so an opportunity to have rest, to think of personal development issues or just to pay more time to your family may be worth retiring.
You may also counsel with your family members, spouse or financial advisor but remember that this is your life and you need to take pleasure of it. So ask yourself what you want and don’t hesitate doing it.
