10 things that helped me to decide about retiring:
1) I listened to my doctor who said stress was ruining my health;
2) I took a class offered by my retirement system to help me understand all options;
3) I learned by reading and researching information on all aspects of retirement (financial, emotional, health care, etc.);
4) I calculated my defined benefit pension amount plus income from other sources (TSA, 457, IRAs);
5) I developed a realistic retirement budget that includes saving at least 15%;
6) I "practiced" living on my retirement budget for six months, using my lower pension amount instead of my monthly pay;
7) I made a list of monthly "retirement enjoyment" activities and their cost (factored into #5) and estimated the cost of annual travel since this will be an important activity;
8) I got input from my family (encouragement), my accountant (tax consequences), and my financial planner (analysis of investments);
9) I talked to as many retired people as I could about life after retirement (the majority said they have no regrets);
10) I made a list of the "pros" and "cons" of retiring, and, the "pros" won by a huge margin.
While I won't be officially retired until late August, I look forward to retirement as a stage in my life where I have more time, less stress, and better health. After 30 years of working in education, I still feel the need to continue teaching and learning. So, I will definitely keep learning by participating in experiences such as those offered by Elderhostel or by taking or teaching classes. It will be interesting to see how I feel about retirement a year from now.
10 things that helped me to...
July 8th, 2008 at 06:18 am
July 8th, 2008 at 06:33 pm 1215538390