“The question isn’t at what age I want to retire, it’s at what income.”
– George Foreman
WE were made to believe that retirement happens at a specific age. There is the expectation that we should only or already retire when we reach the age of 60 or 65 or 67. But I am sure you know of people who are already 65 but continue to work because they need the income for their daily sustenance. Then there are those who are already 65 and financially stable but are not ready to let go of the emotional and psychological highs they get from their careers. And there are also those who already chose to stop working earlier than the mandatory retirement age either because of uncontrolled circumstances (job loss or illness) or because they want to have more time to enjoy this next phase.
And that is because retirement is not about an age, but about our readiness. It is about having the right amount of money to support your retirement life, good health to enjoy it, a new purpose to inspire you and the curiosity and eagerness to explore and discover new things.
Are you financially ready? I retired at the age of 55, way ahead of the usual retirement age in the Philippines. But this has been my plan since I entered the workforce. With that intention in mind, I worked and prepared so hard in making sure that I would be financially stable to see me through my retirement. Fortunately, I worked for an insurance company which taught me about financial planning and gave me exposure and access to different savings and investment platforms. I saved and saved, then invested and invested. It required me to have the discipline and consistency to have done that. Now, I can financially support my needs and wants without needing to rely on anyone but my own retirement funds.
Do you still have the health to enjoy retirement? Since they have the funds, most retirees love to travel. With most of the trips I did in the past, I was in the company of fellow travelers who were already in their senior years. One thing I observed was that though they can afford to travel, sadly, most no longer have the health to fully enjoy it. Their weak body and poor health restrict them from doing most of the activities. Most of them were either already walking with canes or moving around on a wheelchair. That’s one of the reasons I wanted to retire early: I want to still have the health, energy and stamina to enjoy my retirement life. So aside from retiring young, I made sure that while I was still working, I was doing self-care. I had no vice, watched my diet, did a few exercises and managed my stress level. At 62, I still walked more than 120 kilometers to do the Camino de Santiago pilgrimage.
Have you found your new purpose? Admit it or not, most of us found our purpose in our jobs or careers. It gave us the reason to wake up every day and the structure/routine by which we lived our day. No wonder many retirees felt lost, irrelevant and unproductive after many years of working. Without their work, they have no meaning, no purpose in life. And many succumbed to illness because of that. Which should not be. There is more to life after work life. We just need to find our new purpose, even before you retire. What will motivate and excite you every day? How can you continue to put your talent to good use? Your repurposed life can be through advancing an advocacy, pursuing your other passion or hobby, reconnecting/rebuilding relationships or exploring new places and cultures. I found my second wave in newspaper writing, promoting financial literacy, paying forward to the members of the industry I was connected with and in creating memories with my loved ones. They make my day!
How excited are you to explore something new? I am retired but not tired! I retired young because I want to be able to do more and be more. Now that I have more time, I am able to discover new things around me and about me, explore new places and meet new faces. I was happy, proud and excited that I did some things that I thought I cannot do, like paragliding in Nepal, climbing 3,000 feet to Bhutan’s Tiger’s Nest and doing the Camino de Santiago pilgrimage. As retirees, our curiosity and hunger for learning should not stop. I really force myself to listen to educational and informative podcasts every day to keep me updated, woke and relevant. The moment we lose the eagerness and excitement to discover and learn something new, will be the beginning of a sad and miserable retirement life. Retirement has gifted us with time; let’s use it productively!
If you’re still deciding at what age you should retire, be sure to also ask yourself if you are already making the necessary preparations for a more comfortable and relaxing retirement life. After all, retirement is much beyond age!
