When to Retire … How Do I Know It’s Time?.

How does one know when it is time to retire?  For most individuals it is both a personal and a professional decision.   The personal decision may be based on immediate family situations.  The professional decision may be based on whether you are productive/appreciated at this point in your career.  If you begin new projects and/or new students, how many additional years would be required?

Your Goals, Health, Age, and Financial Position are key in deciding if it is time to retire.  As a person has studied the scientific basis of their career, you must study extensively the impact of decisions regarding Pensions, Social Security, Investments, Rollovers, Health Insurance, Future Earned Income, etc. as they affect your needs in retirement. This review should begin several years in advance in case a situation arises where a quick decision is needed. A Financial Planner can help you avoid poor decisions. Older colleagues and friends can provide valuable insights. Your spouse and other family members should be aware and involved in assisting you.

Retirement gives a person additional chances to Reinvent yourself. Give yourself "10 More Chances". Consulting is one option that can keep a person involved and provide some income. If you are financially solvent, you can “Be Your Own Boss”. Suggestions will be made regarding the transition into retirement.