What do you do if you're a late career professional trying to determine the ideal time to retire?

It wasn't the time, it was the place! No way could I afford to retire in Canada, so at 60 I started looking around the globe. At 65 I fell in love with a little rural beach hamlet in Mexico. That was the deciding factor! My consulting work in O&G had started fading out, so shutting down a few years early just became obvious. Building a house here has taken up all my time for the last two years. Now I'm adding some woodwork features, and looking forward to more time photographing (my side career), drumming, and walking the beach! No shortage of interests and things to do!

As a seasoned professional, determining the ideal time to retire can be a significant decision, both personally and professionally. In my HR Management Career Development Coaching practice, I often guide late-career individuals through this transition. Firstly, it's essential to assess your financial readiness. Work with a financial planner to understand your retirement savings, investments, and potential income streams. This clarity can alleviate uncertainties about post-retirement finances. Secondly, consider your emotional readiness. Reflect on your career achievements, personal goals, and desired lifestyle in retirement. Engage in conversations with loved ones to ensure alignment and support for your decision.

Planning for retirement requires careful consideration of financial readiness. Assess your savings, investments, and retirement accounts to ensure they align with your retirement goals. Understand your post-retirement expenses, including mortgage payments, travel plans, and new hobbies. Consult a financial advisor to evaluate your situation and receive personalized guidance on achieving a stable retirement plan. Taking these steps early ensures you're financially prepared to enjoy your retirement years comfortably.

Consider practicing a "trial retirement" by living on your projected retirement budget for a few months. This can help you adjust your spending habits and identify potential financial challenges before you actually retire. Additionally, explore different income streams that could supplement your retirement savings. This might include part-time work, freelancing, or turning a hobby into a source of income. Preparing in these ways not only eases the financial transition into retirement but also enriches your retirement experience with meaningful activities.

You're highlighting the challenges that come with investing at a late career stage. It's indeed more difficult to manage investments during this stage, as you mentioned. At this stage, we may face a range of challenges, such as reduced energy and resources as individuals age, they may experience a decline in our physical and mental abilities. Furthermore limited time and focus with a limited amount of time remaining in our career, we may feel pressure to make the most of their remaining years, and reliance on others a sage may need to rely more heavily on others for support and assistance. In light of these challenges, it's essential at a late career stage to develop a clear plan for managing their investments and achieving financial goals

There is a world outside USA. Living in a country with tax-paid general health service (and the possibility of self-paid add-ons), financing my basic healthcare is not an issue. I have already paid - and by all international, statistical measures, we’re getting more health for our money this way. But early retirement has one aspect to consider. When every evening becomes a Friday evening, your consumption of red wine might go up - will your liver be up for it? So, plan for staying physically and intellectually active, get some shape on your week, and beware of the temptations that more free time might cause.

Health considerations play a critical role in retirement planning. Good health may enable you to work longer, increasing retirement benefits and savings. Conversely, health issues could necessitate earlier retirement. Evaluate how your job impacts your health and consider if retirement could improve it. Plan for healthcare coverage, as Medicare begins at age 65 and private insurance can be expensive. Factor in potential healthcare costs when deciding the timing of your retirement for financial security and well-being.

1. Health First: Think about your physical well-being. Good health might allow you to work longer and boost your nest egg. On the other hand, if health concerns arise, an earlier retirement might be necessary. Consider if your job affects your health and if retiring might improve it. 2. Healthcare Plan After Retirement: Having healthcare coverage after retirement is crucial. Remember, Medicare starts at 65, and private insurance can be expensive. Factor this cost into your retirement planning.

Doing an honest self-assessment is important. Do you have the physical and mental health to enjoy an active retirement? Consider potential future healthcare needs and any necessary adjustments to your retirement timeline. For an example, a physically active 62-year-old accountant may envision a retirement filled with travel and outdoor adventures. However, if they have a pre-existing medical condition requiring ongoing management, they might need to factor in potential limitations or healthcare costs and adjust their retirement date accordingly.

When they reach mid-life, many people start contemplating retirement. Unfortunately, this stage is often associated with a crisis. This "mid-life crisis" can trigger negative events, leading to unhappiness and unfulfillment. The Modern Elder Academy offers a different perspective. It prefers to use the term "mid-life chrysalis." A chrysalis symbolizes the potential for personal growth and fulfillment in midlife transitions. When I made a career change from my full-time corporate executive role in my mid-60s, I chose not to use the word "retirement."  I prefer the word "renaissance." It is a time for rebirth and revival. As an author, executive coach, and world traveler, I am emotionally stimulated and positively challenged.

Irrespective of what discipline or profession you work in you should be planning for retirement from day 1 of working thus ensuring you can do whatever the hell you want to do when you finally hang your boots/computer up.

personally I recommend reviewing mazlows theory, you will probably tick all the levels. your self actualisation will be your decision to retire. hopefully you will be comfortable with the 3 building tiers. your new peer group will most likely be retired too and if you join a new group, club or association these will enable the esteem and recognition phase. live happy and take a few months to breathe...it took me about 3 months and then I wondered how I ever managed to have the time to turn up for work. some people say money doesn't matter .....but it does so once you "hit that number" and you are happy with, go for gold and no more unhappy days

Retirement is a significant life transition, therefore you need to consider the emotional impact also. Will you miss the social interaction and intellectual stimulation of your work environment? Is so plan activities and interests to fill this potential void. Thinks about a marketing director nearing retirement. He/ she might anticipate missing the daily interactions with colleagues and the challenge of strategizing successful campaigns. They could proactively explore joining industry associations, volunteering for causes they care about, or taking courses to learn new skills and stay intellectually engaged.

The timing of benefit activation directly affects the size of your monthly payments. Understanding the impact of receiving payments in your 60s is a time value of money exercise. The Social Security website provides estimates of what you can expect to receive. Balancing factors such as financial requirements, life expectancy, and spousal benefits can influence the optimal claiming strategy. Collaborating with a financial advisor can ensure you maximize your Social Security income tailored to your unique circumstances.

Having clear goals helps determine the financial resources you'll need and the timeframe for achieving them. What do you envision for your ideal retirement? Travel the world? Spend time with family? Pursue hobbies and passions? Assume a couple passionate about traveling the globe, they might prioritize an earlier retirement if their financial situation allows them to do so comfortably. They might research budget-friendly travel options and create an itinerary for their dream destinations.

Your envisioned lifestyle will dictate your retirement timeline and financial requirements. It's crucial to be pragmatic about your goals and acknowledge that achieving them may necessitate strategic financial planning. Modest aspirations might allow for earlier retirement, while ambitious goals may require extended working years or aggressive saving strategies.

Choosing the best time to retire as a late-career professional requires various considerations, particularly in terms of succession planning. In this stage, we have to consider the saving and early investment to assess our financial readiness without neglecting our health mentality and enjoyment tasks. The primary considerations to be considered are the certainty of identifying possible successors and starting knowledge transfer well in advance by talking with experts in this regard.

You know the measure for indispensibility. It requires a bucket of water, a ruler and a stop-watch. Grap the stop-watch and put your left index finger into the water for exactly 1 minute. When the minute har passed, pull out your finger, grab the ruler and measure the diameter of the hole. There might be some ripples, though. Being open about your retirement plan can help. For almost 5 years, I openly said that I intended to retire as of the end of January 2021. The only real consequence was that the 2-day expert course I had been teaching at intervals for many years was arranged 3 times in October-November 2020.

One hint that it was time to retire was when my employer simply wouldn't do any succession planning. In the end I decided "Not my problem" and retired anyway. Not ideal for the company but again, it's not a problem you can solve if the organization you work for simply isn't interested in hiring staff to ensure that a smooth handover is possible.

Consider why you actually go to work, is it because its a habit, or is it something you really enjoy? There is no right or wrong answer, all people are different. If you have the financial security and work is habitual then walk away and start doing all the things you enjoy. Age should not be the determining factor. Some people find it a wrench, I personally have not looked back and retired completely unplanned at 57..

Try something new. I’m currently involved in refurbishment of a grade II listed house. We are making it wheelchair friendly on the ground floor with a bedroom and wet room and energy efficient (because people with mobility disabilities find it more difficult to keep warm). Once upon a time I thought railways were contributing to society, now I feel that this is more important and neglected. There are just under 600,000 wheelchair users in the UK, but only just under 500 homes a year being built for them. Any one of us could end up in a wheelchair through misfortune or old age. All new homes should be usable on the ground floor at least, and these days you can get small domestic lifts capable of taking wheelchairs up a level.

My top tip would be to start viewing retirement not as an end but as a new chapter with opportunities for growth and exploration! We live longer today and are more active later which means you may not be fully ready to retire at 65 years, but at the same time, you may be ‘retirement curious’ or simply want more free time. Therefore, gradually transitioning into retirement could be a great option. Possibly start through flexible working arrangements, part-time work, job share, or even part-time consulting in your field of expertise, to adjust to a retiree lifestyle more easily and comfortably. This phased approach can help ease the identity shift from being a full-time professional to a retiree, allowing for a smoother emotional adjustment.

For a late-career professional contemplating retirement timing, a thorough assessment intertwining financial stability, personal aspirations, and professional fulfillment is paramount. Evaluate retirement savings, investments, and anticipated expenses to ensure a comfortable lifestyle post-retirement. Reflect on personal goals, such as travel, hobbies, and family time, and align them with retirement timing. Moreover, consider the impact of continued work on overall well-being and whether professional achievements have reached a satisfying pinnacle. Balancing financial security, personal fulfillment, and lifestyle aspirations leads to a well-informed decision regarding the ideal retirement timing.

Determining the ideal time to retire as a late career professional involves a thoughtful balance of financial readiness, personal aspirations, and health considerations. Start by assessing your financial situation, including savings, investments, and projected expenses. Factor in your health status and potential future needs, as well as any available benefits like Social Security or pensions. Consider your desired lifestyle in retirement and how you envision spending your time. Consulting with financial advisors and healthcare professionals can provide valuable insight as you navigate this important decision.