by Amela Piric

Created on: July 19, 2009   Last Updated: May 26, 2010

It is up to each individual to make a decision on when to retire.  However, one should insure that it is a rational and not an emotional decision.  This important decision should be based on one's individual circumstances such as employment status, financial status, age, and individual preferences.

Below listed are several suggestions on how to go about deciding when to retire.

1. Assess your current situation

Your decision to retire is dependent on how much you like your current job, your expected longevity, and the amount of money you managed to save.  If you or your spouse is financially independent, you should retire as soon as possible.  Retirement is a time for you to sit back and relax and watch the flowers grow.  It is time for taking yoga classes and playing with the grandchildren. But, if you're worried about outliving your money, working a few more years can significantly improve your standard of living in retirement.

2. If finances is not a limiting factor for you retire as soon as you can

You should be aware on time that nobody regretted not working too long and too hard on his deathbed.  But, majority of people regretted spending insufficient time with their loved ones and grandchildren. You should enjoy life while you are still relatively young and in good health condition.  Otherwise, when you get too old, no amount of money and free time will manage to make you happy. There is a season and time in life for everything.

3. There is no good enough reason to be money centered all your life

There is just no good enough reason for being money centered all your life.  Money can make you happy only up to a point when you have met your basic needs in life but not any longer.  It is up to you to create a healthy balance in life.  Thus, you should use your creativity and organize your life so that it best suits you.  A person should be complete and balanced in all areas of life and not be exclusively focused on earning money.  Being focused exclusively on career and money can backfire on us once we retire as we will not have anybody to hang out with and nothing to do which is a pretty miserable way to end our life.

4. Don't let fear rule over your

Many financial analysts and experts will make you think that you ought to have a large amount of money and a number of assets accumulated before you think about retiring so that you can maintain the same standard of living you have now after you retire.  But, there is really no need to maintain the same standard of living prior to and after your retirement.  You may not be the type of person who wants to do all the worldwide travel when you retire. You may prefer to live more frugally when you retire and spend time in the nature with your friends and family members.

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