4 Signs You’re Ready To Retire

Retirement is a significant milestone, signalling the end of your working years and the start of a new phase focused on relaxation, adventure, and personal fulfilment.

But how do you really know if you’re ready?

For many in the UK, it’s not just about age or financial preparedness; it’s also about emotional readiness, lifestyle considerations, and future plans.

In this week’s blog, we discuss the top 4 signs to look out for that suggest you might be ready to embrace retirement.

1. You’re Financially Prepared 

Financial security is the cornerstone of a happy retirement. Knowing you can maintain your lifestyle, or even improve it, without a regular payslip, is a key indicator you’re ready.

Here’s a few things you should consider:

• You have a clear understanding of your pensions and how and when you can access them:

Whether it’s your UK State Pension, workplace pensions (Defined Benefit or Defined Contribution), or private pension (Self-Invested Personal Pensions), it’s crucial you have a complete grasp of these.

For more information on the UK State Pension, our Guide to UK State Pensions breaks it down for you, covering recent updates, eligibility, and practical tips for a secure retirement.

• You’ve paid off your major debts:

Having debt at any point in life is not ideal, especially as you near retirement. Being free from major debts such as mortgages or significant loans indicates strong financial readiness. Without these burdens your retirement income can go further, leading to a more comfortable and less stressful life.

Curious about using your pension to manage debt? Read our blog to learn more.

• You understand your retirement budget:

Knowing your expected expenses and comparing them to your retirement income is essential. And there are many aspects to consider, from everyday expenses to luxuries like holidays or big purchases. Instead of figuring it out by yourself though, you can speak with a to a qualified Financial Adviser like Joslin Rhodes. Through cashflow modelling, our experts can help you see if your savings will be enough to support the lifestyle you want.

If you’re not sure your money will last, read our blog if you feel as though you’re Worried about running out of money in retirement.

• You’ve planned for unexpected expenses:

Sometimes life just happens, so it’s important to have a little extra in the pot to cover any unexpected costs, such as home repairs. You also need to factor in any long-term care fees that could have a significant impact on your financial security in your later years. If you don’t already have a Will or Lasting Powers of Attorney in place, this is where these can be invaluable. You can find out about all our Estate Planning Services here.

2. You’re Emotionally Prepared

Have you ever said, “I just want to retire”? Many of us have, but it’s important to think it through carefully. Retirement isn’t just a change—it marks the end of your career and the start of a new life chapter.

Here’s some emotional indicators that you’re ready to retire:

• You’re looking forward to life after work

At Joslin Rhodes, we often ask people – ‘Are you retiring to or from something?’ So, if the idea of retirement excites you more than worries you, that’s a sign. You might be eager to travel, pursue hobbies or simply spend more quality time with your family and friends.

• You are comfortable with change

Retirement is a big life transition. If you’ve managed major changes well in the past and feel confident about this new phase, that’s a good indicator.

• You’re ready to redefine yourself

For many of us, we are what we do. If you’ve done the same job for many years, you need to be prepared to leave this behind and find your new self.

• You don’t feel you need keep working for the money

Regularly, we see people working longer than they need to, simply because they think they won’t be able to afford retirement. So, if you find yourself continuing to work, without really having a Financial Plan or a clear understanding how much money you’ll need in retirement, you could find yourself retiring later than you need to – and missing out on valuable time to enjoy everything you’ve worked hard for. And along with that, you could also be over-saving. Yes, it’s possible! To find out more about over saving and how to avoid it, read our ‘Are you saving too much for retirement?’ blog.

3. You Have a Strong Support System

Retirement brings opportunities for leisure, hobbies, and new experiences, but it’s crucial to remember that work generally provides a strong daily social network.

If you don’t have a support system outside of work, consider joining clubs or trying new activities to stay connected. After all, friends and family provide emotional comfort and companionship.

Not only that, in case of emergencies or unexpected events, having a network of people to rely on can provide crucial support and peace of mind. A strong support system enhances quality of life in retirement by providing emotional, social, and practical benefits.

4. Your Health is in Check 

When it comes to retirement planning, it’s important not to wait until you’re too old to enjoy it fully. Many people have a certain age in mind for retirement, often later than what we’ve helped others achieve. In fact, we’ve helped some in retiring up to 12 years earlier than they originally planned, giving them an extra 12 years of life and enjoyment. Knowing you can retire sooner rather than later is an obvious choice, considering health tends to decline with age.

Maintaining good health is crucial for a happy retirement. Taking care of your physical and mental well-being can make a big difference, making it less stressful and more enjoyable. Regular check-ups and a healthy lifestyle are important steps. If you’re already focused on maintaining your health, it’s a positive sign that you’re ready to retire and lead an active life.

Deciding to retire is a big decision that involves both your finances and how you feel emotionally. If you recognise these signs and feel ready, now could be the time to seriously think about it.

And getting advice from a local Financial Adviser like Joslin Rhodes can potentially get you there sooner. We can help answers the key questions such as ‘Can I afford to retire?’ and ‘Will I have enough?’ and more importantly help you build you a detailed plan that can show you that everything’s going to be ok.

We specialise in pensions and retirement planning and have helped thousands of Teessiders retire comfortably for over 20 years.

Call us today to arrange a FREE consultation or book your place at our upcoming Pension and Retirement Planning Workshop.

Joslin Rhodes Pension & Retirement Planning – Real Advice, For Real People