Are you ready for your Retirement?

Before you can truly answer this question, you have to sit down and consider what you would really want to be doing in your retirement years.

Would you like to be traveling the world, visiting every country and eating all the delicious cuisine that those places would have to offer? Or would you want to establish a small business that you can run?

Before you can answer if you are ready for retirement, you must first figure out how much money you need to do the things you want to do when you retire.

Check your finances

A good place to start would be to look at your finances. Check to see if retirement would be a positive or negative change for your family. Are there any people who still rely on you for financial help? Have you finished putting all your children through school?

The decision can be made easier if your financial status is high. It can also help if you had chosen to take out a life insurance plan when you were younger, a life insurance plan that would include a pension plan. If you have not invested in a life insurance plan, check how much money you would need to live comfortably even if you stop working.

Check your health

Your healthcare situation is also something to look into. If your company did not provide any health insurance, you would be automatically covered by the Philippine Healthcare Insurance Corporation because of Republic Act 10642. However, even so, there would be many health expenses that are not covered by this Act.

You would need vitamins, doctor’s check ups, and other costs that might not be covered. Of course you would need to eat healthy food, to ensure that your body stays in top shape. As people get older, whether they like it or not, their health would be on the decline. This is why it is important to make sure that you have enough money in place to fund all of these costs.

You do not have any debt

It is important to have eliminated any sort of debts before retirement so that none of your pension or savings will go toward making payments after you have retired. You should also establish a contingency plan when you retire. You have to know what to do in case of any emergencies, your money (pension and other cash benefits included) has to be able to cover any unforeseen expenses that might come your way, so that new debt will not be created.

Trust your gut

Your gut instincts will be able to answer your question if you would be ready for retirement or not. Your decision may be based on your family situation, maybe you would like to stay home, and take care of your grandchildren, or just relax in your garden. Listen to when your subconscious is telling you. More importantly, listen to what your body is telling you. 

The truth is, it can be really difficult to figure out when you are going to retire, when the right time will be. Your decision can be made easier if you have a life insurance plan. You need not worry about the financial aspect of the situation because apart from your pension that you may receive from your work, you will also be getting a cash benefit from your insurance policy.

Retirement does not have to be stressful. As long as you took the right steps along the way to ensure that you have enough money in the long run, you will be able to enjoy your golden years.