When people retire
What prompts one person to retire at 50 and another to work
until they're 80? ASIC's 2010 research showed that it's more
complicated than simply loving or hating your job. There are a
number of retirement triggers that cause people to retire earlier
than they expect.
Unhappy with work
Who hasn't thought about resigning after a stressful day at
work? For people nearing retirement age, there comes a point when
they feel they no longer want to - or have to - put up with work
Can't find a job
Retirement becomes an option when people have difficulty finding
a job, usually after they have been retrenched or because of their
age. Being forced to retire in this way is particularly difficult
for those who have never before had trouble finding employment.
Kids have left home
Many people feel emotionally and financially committed to their
children and only consider retiring when their kids have left home
and are financially independent.
Sometimes it takes a health scare to spur people into thinking
about retirement. Many people choose to retire after a major
illness so they can take it easy and enjoy the rest of their life.
Others are forced to retire when they get too sick or incapacitated
Some people get lucky and inherit or win a sum of money, which
gives them the financial means to retire. Even if they don't retire
straight away, they now have the funds to start investing and
building a large nest egg.
Influence of family and
People who see that a family member or friend has retired with
minimum hassle may be inspired to do the same. The opposite also
applies: if they see that others have made mistakes or left
retirement planning till late in the game, they are less likely to
make the same errors.
It's the right time
Finally, people retire simply because it's the right time: their
finances are in good shape and they are emotionally ready for the
changes that retirement will bring.
Find out if it's the right time for you with our retirement
You may end up retiring unexpectedly or earlier
than you thought you would. If you start planning and saving now
for your retirement, you'll be ready when a retirement trigger
Last updated: 22 Aug 2013