By Sherri Sacks
Are you thinking of retiring? So many questions come to mind at the mere mention of the word.
Are you feeling burnt out at your current job and need a change of scenery?
Do your bank account and investments show you have enough savings to stop working?
Are you emotionally prepared to begin this next chapter in your life?
When you’re first starting out in the working world, retirement seems so far away. But like everything else in life, before you know it, the time is here. Or is it? The decision to retire is not just about turning a certain age. There are many financial and emotional factors to consider, and they vary from person to person.
With people living longer these days, the financial piece of retirement is more important than ever. Knowing your debt, your accrued savings, and your income stream are crucial as you consider this life changing decision.
The amount of money you’ll receive from Social Security varies depending on age. The older you are, the more you will earn. The Social Security online calculator can help you estimate the benefits you will receive depending on the age you retire. Once you find out how much you’ll be getting from the government, AARP has some other free online tools that you’ll find helpful when considering retirement:
- AARP Retirement Calculator estimates how much additional income, if any, retirees will need based on their individual savings, projected Social Security income and lifestyle.
- AARP 401(k) Savings Calculator shows how your 401(k) savings and employer match can accumulate over time.
- AARP Health Care Costs Calculator helps estimate health care costs and account for them in a retirement plan.
Finances aside, the emotional component to retirement can also be huge. When you’re considering retirement, emotions can run the gamut from feelings of excitement and anticipation to loneliness, isolation, and boredom, just to name a few. Maybe your children will expect you to do daily carpool pick-up or to babysit. Maybe the thought of not having a daily schedule or routine is unnerving. Maybe your work has been a large part of your identity and you wonder “who will I be now?” As you think about leaving behind the professional world, ask yourself the following questions: What do I want to do with my time? What roles do I want to take on? What will fulfill me? Take the time to reflect, process and plan. Individuals who plan tend to have a smoother transition when they retire.
Sherri Sacks is a Career Coach for the JCS Career Center.
The JCS Career Center offers comprehensive employment assistance that helps job seekers of all abilities and skill levels find and maintain employment. Services include career coaching, career assessments, resume and cover letter services, interview preparation, job readiness training, vocational rehabilitation and job placement assistance. For more information, call 410-466-9200 or visit jcsbaltimore.org.