Guest Column: How to Know When It’s Time to Retire—Or Not

Richard (Rick) Atkinson, founder and president of RA Retirement Advisors, discusses some key factors to consider when deciding the best time to retire in his recent article in the Summer 2013 issue of the CSA Journal.

Below are a few excerpts from Rick’s article:

When the Job Retires You

In a recent Gallop Poll, 75 percent of American adult workers believe they will continue working past age sixty-five. But the reality is, in today’s economic climate, many of us generally do not have control over our jobs and are often separated from our work due to downsizing, outsourcing, company bankruptcy, and other organizational upheavals. When this happens, especially for older employees, it may be very difficult to get a comparable position. In these cases, retirement may be the time to start their own business and begin a new career or re-evaluate what they really want to do.

At this time, it’s important to have a well-thought-out plan for retirement that includes a balanced leisure lifestyle with entertainment, education, travel, exercise, social activities, and hobbies, as well part-time work and/or volunteer alternatives to provide structure and purpose. The person who looks forward to the challenges and opportunities of a new life phase is going to have a good life.

The Power of Attitude

Fear, panic, and discomfort are common emotions experienced by people preparing for or entering retirement. These emotions often occur because the person is entering a new world—one with different circumstances, behaviors, routines, and activities. It is also a world filled with changes in one’s circle of friends, and changing responsibilities. How we handle these changes makes a tremendous difference in the success of an impending retirement.

For some people, retirement is so overwhelming they consciously or subconsciously sabotage their retirement plan by adopting a negative attitude. They feel “it’s all over,” that the changes required are too hard, and they visualize failure. Many look back at their lives as the “good old days” rather than welcoming the adventures that lie ahead. They let negative emotions rule their actions and use past events to make excuses. In doing so, they become victims. As a result of their negativism, they allow their health to deteriorate and lose their zest for life.

In contrast, people with positive attitudes tend to trust their abilities to handle change and challenges, are willing to take risks and believe in themselves. Most people with positive attitudes also have the ability to take big issues down to size before those is­sues become overwhelming. They seek help when it’s needed, look forward rather than backward, and relish the future with a spirit of adventure. They create the retirement they want!

This is not to say that people with positive attitudes always move smoothly into successful retirement—far from it. However, those with positive attitudes rarely play the victim. Instead, they learn from mistakes and are not afraid to seek help or advice.

Read Rick’s full article here.

Originally published in the CSA JOURNAL: Issue 55, 2013. Republished with permission.