From the day you started working, you’ve likely been told to plan for retirement. The financial experts told you to start planning early and contribute regularly to your Registered Retirement Savings Plan (RRSP). In fact, most Canadians—over 65%—have an RRSP to help them manage retirement expenses.
Even with government programs, RRSPs and other savings, many Canadians worry if they’ll be able to afford their current standard of living in retirement. Even when you have saved and prepared, it can be a daunting prospect to give up your regular paycheque, only to dip in to your savings.
As a result of these worries, many Canadians work longer than they need to in order to support themselves. But at some point, as you age, the question changes. It’s no longer only about whether or not you can retire, but also whether or not you should. Here are the top 8 signs you need to retire:
1. You’ve Got a Comfort Zone
In essence, you’ve worked hard to feel some degree of financial comfort. Your kids have grown, your house is perhaps paid off and life doesn’t feel like the financial scramble it once did. You have savings, even if you worry if they will last. This kind of comfort zone is your starting point, the green light indicative of the signs you need to retire.
2. Trouble with Memory
It happens to all of us. As we age, our memories aren’t quite what they were. If you find yourself forgetting the beginnings of conversations, losing names of people you see regularly, needing to write down details that you will certainly otherwise forget, it’s time to think actively about retirement.
3. Future Planning is a Struggle
When co-workers make plans, weeks or months out, and you find yourself dreading or avoiding them, it may be a sign you should retire. Whether social or work-related, events planned down the road can act as a trigger for those ready to leave their workplace. Sometimes, our subconscious works hard to tell us it’s time for a change, and that can appear in feelings of dread.
4. Co-workers Test Your Patience
Every workplace has people who will rub you the wrong way, but at this point in your career, you know the difference between that one person getting on your nerves and most people getting under your skin. If you find yourself impatient or disconnected from more and more workplace conversations, it is likely time for you to retire.
5. Appointments Take Over
As we age, there are different demands on our time. You may find yourself volunteering to help your own children, your aging parents or others in the community. If you find yourself looking for opportunities to leave work and help others, this could indicate that you should retire.
Similarly, if you land in care-taker situation where someone else relies on you to take them to their appointments, you may be adding stress to your workplace with your consistent absence. If you find yourself in this position, by choice or not, this could be one of the signs you need to retire.
6. You Have Your Own Health Concerns
Unfortunately, health issues spike as we age. While work provides income and a sense of belonging or identity, it can also deliver unwelcome stress. If you discover your own health concern, retirement could be a realistic way for you to lower your stress and take care of your health.
7. You’re Socially Ready to Roll
The transition from work to retirement is difficult for many, especially those who are without hobbies or a social network. Having a sense of purpose and a community of support are both critical as we age. If you have these things built into your life already, you are at a distinct advantage. If you find yourself seeking out networks and social activities, whether through a church group or a pickleball league, you are laying the groundwork for retirement.
8. Holidays Don’t Work
Finally, your feelings about work before, during and after your holidays can be a telltale sign about whether or not you should retire. If you find yourself counting down the days to a holiday and spending most of it dreading your return to work, you are likely ready for a major change. Similarly, if you return to work feeling bitter, easily irritated or simply not ready to be there, you might be ready to retire.
If this list of the top eight signs you need to retire feels familiar or triggers feelings of readiness or excitement, it’s time to allow yourself the opportunity to consider retirement. We’ve long been told about the importance of financial readiness, but we need ask about the other side of retirement, as well—when the questions change from “can I?” to “should I?”. What will I do in retirement? Is it just my time—do I need to retire?
