Is Retirement a topic you would rather not dwell on yet? Believe us – it’s never too early to think of Retirement. The earlier you decide your approximate retirement age, the longer you have to prepare and plan for this. This does not mean you need to know the exact age but the approximate that you aim for. There’s always time later in your life to relook this based on where your career has headed.
The traditional retirement age across the world has always been around 60. However with lifestyle changes this norm has been broken. There are those who retire as early as 50 and then the kind who prefer to continue working till the end. In this post we will elaborate on the characteristics and things to consider before retiring.
50’s
Retiring in your 50’s is an increasing trend across the developed and developing countries. However there are certain points to consider before making this decision. Retiring at this age is encouraged if you have an alternative and guaranteed source of income. This could include giving properties on lease, handling a small family business such as a shop or part-time teaching. There are multiple such early retirees across the state who have who have taken up organic farming or are running eco-friendly farmhouses. They’ve diverted from their professional careers yet continue to have stable, relaxed and alternate options.
60’s
Retiring in your 60’s has so far been the norm in India. This age falls in the Senior Citizens category and offers multiple benefits and facilities from the government. This is also the time when most people prefer to take a break from their fast paced professional environments and focus on their health instead. The corporate world typically appears hectic and they prefer the calm and quiet instead. However retiring in your 60s is possible if you’ve saved enough from an early age to be able to cope with the expenses.
70s
The world is seeing another trend of prolonged work lives with people working until their 70’s on longer. This group typically consists of 2 categories of individuals. The first kind are the ones who enjoy their professional work roles. Politicians, Lecturers and people holding top roles in the Industry are typically driven by their careers and find retirement boring. The second category are those who realise that their savings weren’t enough. Bad planning, regrettable investments or unfortunate circumstances force them to work long. To avoid this it’s always recommended to start saving early and smartly.