It’s easy to believe you will have to work until you drop, and that a well-earned retirement is slipping beyond reach. But that’s not necessarily the case. Those who plan early usually achieve an enjoyable transition. So take the quick YourLifeChoices 25-question quiz to see how ready you are for retirement.
Answer Yes/No to the following questions.
Activities
1. Have you researched what you plan to do?
2. Have you included a work component in the mix?
3. Do you have hobbies?
4. Do you have activities which make you feel of value, apart from your day job?
Purpose
5. Do you know what your retirement will look like? i.e. have you considered how you will structure your week?
6. Do you have specific goals?
7. Does your partner also have goals?
8. Are these goals compatible or at least complementary?
9. Are you mentally able to ‘leave’ work?
10. Are you leaving because you want to?
11. Is this your decision (or someone else’s?)
Money
12. Do you know how much weekly income you will receive in retirement?
13. Will your savings be sufficient to lead a reasonable lifestyle?
14. Have you discussed this with an accountant, financial planner or other financial specialist?
15. Do you know whether or not you will be entitled to an Age Pension?
16. Can you afford to remain in your current home?
17. Have you considered a transition into retirement (part-time work, part-time play?)
Relationships
18. Do you have close relationships?
19. Have you shared your retirement plans with your partner/nearest and dearest?
20. Are you in agreement?
21. Will you both be happy if one of you remains in the workforce and the other does not?
Wellbeing
22. Are you in good physical health?
23. Do you get regular checkups?
24. Are you getting regular (three times per week) exercise?
25. Is your mental health positive?
How did you go?
If you answered “yes” to 18 or more questions, your transition to retirement is well underway.
“Yes” responses to 12-18 questions means you are moving toward a happy post-work life, but need to further address the questions to which you answered “no”.
A “yes” to 12 or fewer questions means you have given little consideration to the later years of your life; now is as good a time as any to consider the big picture aspects of life after 50. And it’s not just about quantity, the quality of your responses is important, too.
Apart from assessing your overall score, consider your responses to questions 5, 18 and 20. These are critical considerations for those contemplating leaving full-time work—and if you haven’t answered “yes”, then do yourself (and those around you) a favour and stay at work until you can!
Related articles:
Timing your retirement
Time to rethink retirement
Making the transition to retirement
