When Will I Retire?
So when will you retire? In the past most individuals would retire no later than age 65, but as there is no longer mandatory retirement as of December 2011, I hear many people saying that they are planning on working well past this age. I suspect that many of these individuals are saying this because they have not saved enough for their retirement plus they may be carrying debt as we have become a consumer driven society. For others, it may be because they love what they are doing and want to continue with their careers. My father was an individual who fit into the second category, and he worked until he was age 79 at which time he had to retire due to health reasons. However, my father owned his own business, which meant that he had the luxury of working as long as he wanted too. He also told me that he was no longer working like he did when he was younger, and as he was an owner of the company, he could do what he wanted too when he wanted too. Very few people who are working have such a luxury!
For some individuals, they will be able to retire when they wish too, and they will have a retirement party and gift from their employer before emptying out their desk and leaving their work family behind. It is true that some of these relationships will continue, but a lot will not as your work friends are continuing on with their careers, and you have moved onto the next stage of your life. If you are not sure whether or not your work friends will continue to be a part of your life, ask yourself this question: Do I get invited into their homes and are they invited into my home?
Recently, I went to the theatre with a friend, and before the play, we met up with a couple of her other friends for a glass of wine. As I listened to the conversation, what I noticed was her friends, who were still working only talked about work and the people that they worked with. These individuals seemed to have no outside interests, which was quite sad as we all require outside interests in order to live a balanced life. By living a balanced life, it makes us better prepared for our retirement years.
The cold reality is that many people will not be able to continue working later in life due to deteriorating health, plant closures, jobs being transferred to other countries, company mergers, reorganizations and downsizing. Individuals in blue collar jobs will especially be prone to health issues due to the nature of their work as their bodies will tend to wear out earlier than individuals who have worked in an office all their lives. A perfect example of this is two years ago, I purchased a new dishwasher and the gentleman who came to install it and remove the old one was in his fifties. As he worked we talked, and he told me that he was thinking seriously about retiring as he was finding it more and more difficult getting down on the floor to do installations, moving equipment, etc. and that when he hurt himself he no longer recovered as quickly as he did when he was younger man.
Ageism is also alive and well as many employers do not want to have older workers on their payroll even though older workers have a wealth of knowledge, which they can pass onto younger workers by becoming their mentors. However, older individuals tend to cost more money due to higher salaries, longer vacation periods, and higher benefit costs. Older individuals are also prone to having more health issues as hypertension, diabetes, heart issues, etc. tend to show up more as we age especially if we haven't taken care of ourselves when we were younger.
Therefore, sitting down with your spouse or significant other and honestly planning on when you want to retire is an excellent and extremely important process. Keep this date to yourself, and when the date arrives, you can make the final decision as to whether you will retire or continue working awhile longer once you have reviewed your health, work environment and financial situation.
As the Girl Guides always say "BE PREPARED".
Prepared & written by Carol Kelly, RPA Date: July 12, 2016
For some individuals, they will be able to retire when they wish too, and they will have a retirement party and gift from their employer before emptying out their desk and leaving their work family behind. It is true that some of these relationships will continue, but a lot will not as your work friends are continuing on with their careers, and you have moved onto the next stage of your life. If you are not sure whether or not your work friends will continue to be a part of your life, ask yourself this question: Do I get invited into their homes and are they invited into my home?
Recently, I went to the theatre with a friend, and before the play, we met up with a couple of her other friends for a glass of wine. As I listened to the conversation, what I noticed was her friends, who were still working only talked about work and the people that they worked with. These individuals seemed to have no outside interests, which was quite sad as we all require outside interests in order to live a balanced life. By living a balanced life, it makes us better prepared for our retirement years.
The cold reality is that many people will not be able to continue working later in life due to deteriorating health, plant closures, jobs being transferred to other countries, company mergers, reorganizations and downsizing. Individuals in blue collar jobs will especially be prone to health issues due to the nature of their work as their bodies will tend to wear out earlier than individuals who have worked in an office all their lives. A perfect example of this is two years ago, I purchased a new dishwasher and the gentleman who came to install it and remove the old one was in his fifties. As he worked we talked, and he told me that he was thinking seriously about retiring as he was finding it more and more difficult getting down on the floor to do installations, moving equipment, etc. and that when he hurt himself he no longer recovered as quickly as he did when he was younger man.
Ageism is also alive and well as many employers do not want to have older workers on their payroll even though older workers have a wealth of knowledge, which they can pass onto younger workers by becoming their mentors. However, older individuals tend to cost more money due to higher salaries, longer vacation periods, and higher benefit costs. Older individuals are also prone to having more health issues as hypertension, diabetes, heart issues, etc. tend to show up more as we age especially if we haven't taken care of ourselves when we were younger.
Therefore, sitting down with your spouse or significant other and honestly planning on when you want to retire is an excellent and extremely important process. Keep this date to yourself, and when the date arrives, you can make the final decision as to whether you will retire or continue working awhile longer once you have reviewed your health, work environment and financial situation.
As the Girl Guides always say "BE PREPARED".
Prepared & written by Carol Kelly, RPA Date: July 12, 2016
