Can we understand how people intend to retire? Not by looking at age alone. Their circumstances matter as well.
Imagine these three people. Each is 60 and still working:
· Donna runs her own business.
· Doug works part-time.
· Dianne works full-time for a company.
Their working arrangements may affect how much choice they have over when work ends.
Donna may have greater freedom to choose when she retires, although the needs of her business could restrict that freedom.
Doug may be moving gradually towards retirement, or part-time work may be the arrangement that suits him.
Dianne’s position is different. She may have a retirement date in mind, but decisions made by her employer could disrupt her plans.
Her role could be changed or made redundant. She may worry that her skills are not keeping pace with changes in the workplace. Health or caring responsibilities could make full-time work more difficult. She may also believe that finding a comparable job after 60 would be hard.
These concerns may build over time. Dianne might then decide to retire earlier than intended or negotiate an exit while she still has some influence over the terms.
Her retirement may appear voluntary from the outside. For Dianne, it may feel as though circumstances made much of the decision for her.
Retirement is shaped by personal intentions, but it is also shaped by events beyond our control. Is retirement likely to happen on your terms, or are circumstances beginning to make the decision for you?
For a free conversation about the non-financial side of retirement, text me on 0409 116 766.
Jon Glass
Retirement coach
64PLUS