Finding the perfect retirement date
Choosing a date to retire is easy. The trouble is, it may be many years before you know whether you chose the right date.
According to recent research by SunLife, more than 85 per cent of over 50s feel they retired too early, and many are also supplementing their retirement income with further work.
Retirement is one of the most significant life events anyone will face. It is a major lifestyle change that can have an impact on relationships and overall health – both positive and negative. And so much about it depends on pensions, savings and all the decisions people make at the point of retirement; often these are the factors that really determine quality of life after people retire.
Finding stimulating and worthwhile activities; the impact on health; engaging with others: these are some of the biggest considerations when retirees are planning out how to replace their working hours. For many, it is likely to be the first time they have had a blank page and complete choice as to how they want to fill it. For some this can seem daunting at first but with some thought this is a time of great freedom and opportunity.
Their biggest worry, however, is almost invariably when – or whether – they will be able to afford to retire, and what retirement will mean for their financial security.
While the majority of the people surveyed by SunLife felt they had retired a few years too early, it's not clear whether they are measuring that against their lifestyle or their financial needs. 20%, however, appear to be supplementing their retirement income with further work, which suggests they are at least partly thinking of their financial needs.
Shockingly, only 5% of those surveyed felt they got the timing just right.
Having access to financial education in the years before retirement can help you understand and plan for this major transition. Ultimately, it also allows you to make better-informed decisions, for a more fulfilling life in retirement.
Find out more about saving for retirement.