Retire When You are Ready

This week I was in Toronto to deliver part of a retirement seminar.  One of the issues we discussed had to do with when a person should retire.  Some people retire at a specific age because they meet the ideal pension requirements.  This isn't a particularly good reason to retire.  You should retire because you feel ready to do so and because you have a strong desire to get on with this next stage of your life.

I once encountered someone who said he would retire at 55 because he could afford to.  When I asked him what he was going to do in retirement, he said he was going to read and watch TV - that's it!  He was single, had no family nearby and few friends.  He really liked his work, had good social contacts at work, and really couldn't give me any other reason to retire other than that he could afford it!

Some people should retire early and some should retire late or maybe even never.  Retirement, at least classic retirement, is not for everyone, .  So give it careful thought, plan for it, and make sure that your reasons for retiring are the right ones.