Retirement is the simple act of leaving one?s job and ceasing to work. It is the end of one?s working life and the beginning of a life where you finally have the time to pursue your favourite leisure activities.
Most people retire when they get to a certain age. For instance, the retirement age in Australia is 63.5 for women and 65 for men. This is when you are eligible for the age pension. Unfortunately, not everything in life goes to plan and some people are forced to retire early through redundancy or ill health. At the opposite end of the scale, others retire early because they can afford to.
Your financial position often plays a part in pinpointing the exact date you plan to retire, as all of a sudden the threat of having to make your savings last the distance is very real. That?s why having a retirement plan in place well before you get the gold watch will help the transition to retirement. For the best way to do this, contact a licensed financial advisor who can help you with all the financial elements you need to consider in your own situation.