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When is the Right Time to Retire?

Retirement marks the time period in which an individual decides to stop employment altogether. Financial incentives for retiring do exist. Social security and pension are among those incentives. Another incentive is when there is a threat of being laid off from a job. This threat often results in early retirement because of fear. The time to retire depends solely on what the person wants out of it. If retirement means rest and a peace of mind to a person, then working harder toward an early retirement may be in their best interest.

Retirement Planning

Retirement planning is helpful for individuals who have retirement investments or a 401(k). There are 401(k) calculators available for free use on the net. All that is needed for calculation is an up to date retirement balance, age, annual income, and contributions from the person and from the company they work for. Banks support retirement planning by providing accounts for people to transfer their retirement funds into. With the use of these accounts, no taxes are deducted from the account and it is safe to withdraw all of the money when the time comes to retire. 


After years of working, it may be somewhat of a traumatic experience to completely retire altogether. Semi-retiring may be a great choice for individuals who wish to ease their way out of employment rather than abruptly ending it. Semi-retirement is the act of reducing work hours instead of cutting off employment completely. It can make for a lifestyle that eases into retirement, rather than marking retirement off as an event on the calendar. It is much easier on the emotions that may be attached to working for so long. It also allows the person to find themselves activities that may preoccupy their time once the time to retire arrives. 

Being Forced to Retire

Retirement is often referred to as something a person chooses to do when they feel the time is right. However, in some cases, an individual may be forced to retire because of poor physical conditions that do not allow them to function properly enough to work. Certain companies may also terminate employment a short while before they retire. In these cases, making sure that one is eligible for public or private pension benefits beforehand is important.

When it comes to retirement, there is no specific age or right time to do it. However, indicators of whether or not someone should retire are dependent on their health, what they want out of retirement, their level of financial security, and how prepared they are for retirement. When these things are sort out, steps can be made toward retiring. First, a retirement form needs to be filled out 90 days before or 90 days after the date of retirement.

Benefits can be lost if the application is not completed within the 90 day time allotment. Here is where the question of when is the right time to retire can be partially answered. If the individual had funds in their retirement account for a year, that is the best time for them to retire because they will get the most benefits then. It still varies from person to person because everyone opens accounts to save their retirement funds at different times. 

The author of this article, Nisha, represents a site called MHA.org.uk. She enjoys writing about elderly health and specialist dementia care.