How to Retire From a Long Term Career

List: Posted: 03/28/11

When you have had a long career, making the decision to retire can be a hard one.  When we are young, we envision retirement as the chance to free of the daily grind of making money, to be carefree, and to live the lives we have always dreamed of. 

 

For many people, however, leaving their careers can be exceptionally difficult.  They may have worked for many years in one building or location, and have been around the same people and situations almost every day.  Saying goodbye to that and acclimating to a life spent outside of the working world can be hard.

When you are considering retirement, it is important to remember that it is not our careers that make us who we are.  Retirement can be a great time to pick up a hobby, meet new friends, or to visit a travel agent and start traveling the world.  Of course, without a great retirement savings package, this can be difficult.  For many people, leaving their careers also means learning how to live on a finite and fixed income.

Before leaving your job, it is recommended that you spend some time looking at your day-to-day expenses as well as the income you will be receiving after retirement.  Do some budgeting and look for ways that you can reduce spending.  If you have the expendable income to travel and enjoy life, then certainly do so, but if you have a fixed amount of money to last the duration of your retirement, then diligence is key.  Our careers have given us the impression that we can spend as normal forever, but this is rarely the case.

Giving up your career can be difficult, but proper financial and time management can make it do-able.

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