If you are trying to decide whether you should throw in the towel and retire, be careful as it’s a gigantic step in your life. kindly read this article before you make that big decision because leaving that paycheck behind is no joke if you know what I mean.

I believe that you should read this article carefully before making such an important life-changing decision about your future. I also hope that you’re not making this decision in haste like so many others have done before and that is to retire because some else advised you to do so.

I hope this article points out some issues that I had to be confronted with when I was faced with this decision myself.  You must consider all your options before you make this decision because there is no turning back once this is done.

However, if this is not your decision and you’re being forced out, that is a completely different manner. This article is referring to those of you who are making a voluntary decision to leave their job. Don’t listen to those who tell you that if I was you, I would do this or I would do something else. Guess what, they are not you and they need to mine their business.

At this point,  what are you going to do at the next level of your life becomes paramount.  It also will be a significant factor on how you are planning on living going forward. This a major point if you are still supporting your family as the money situation will change.

In deciding to leave the workforce, especially if you have been there for many years, it won’t be easy. The years of developing close ties will be difficult to give up no matter what others tell you. I can’t believe that is has been that long will cross your mind because it did for me.  However, once you count up all the pros and cons, you will know why this is such a very hard decision to make about your future.

Your financial factor of owning your home before you leave, or paying off large debts is a major issue so please don’t underestimate this point. This has been a key point why people fail in retirement as their social security benefits, if applicable, are not enough. These individuals have to go back to work in a couple of years and that stinks.  You don’t want to be in this situation as the job opportunities are limited when you are older. And when you do, the employers want you to take a lower wage.

The contacts that I put in place to work as a consultant, while I still had my job seem like it was bulletproof. I was going to work in a similar capacity at another firm., However, this opportunity fell through soon afterward and I didn’t plan correctly for this disappointment.  This move caught me totally off guard. I didn’t have a backup plan on what I was going to do because I was so assured that everything was in place. Sometimes our best plans look good on paper but don’t materialize and you will be shocked when this does.

Additionally,  my personal to-do list was not well thought out, as much as it should have been. This can wind up to be a cardinal mistake to make. I know this painful experience because I incorrectly made this error myself.  So I’m telling all those who want to listen that it is absolutely critical to put the time in to go over all your issues, twice or three times before packing it in.

According to several articles from AARP.com and from Money.com, there are too many people who are retiring much too early. Making that decision to retire is absolutely very important and it is advisable that you consult with experts and family members before you do so.

Although there is plenty of information available in pamphlets, and on multiple websites, we don’t really focus on reading this material while we are working.This is also a big mistake that many of us make because we look at retirement as being the last stop, and it’s really about a new beginning.

The test you must take while you are ” STILL WORKING ” is, why do you want to retire? Do you have something that you must do at this stage of your life?  If the answer is not clear and concise, you are not ready at this time.

Another question is could you live a comfortable lifestyle on a reduced salary of approximately 30 %?  This is scary, but you need to know about this now. I’m talking about your net income and not your gross amount. The amount of money that you bring home counts the most at this point.

There is also the issue of how are you planning on paying your medical coverage?  For most jobs, this coverage goes away when you leave the job. Do you have a plan on how you are going to pay your co-payments just in case the medical bills are staggering?

There are some other questions such your physical conditions, you have to take care of a relative and so on, which are also major decisions.  Don’t let the little aches and bruises that we all get now and then, affect your judgment because you will be sorry.

Finally,  you must ask yourself with all truthfulness and that is what am I’m going to do with my time in retirement?  Again, if you have no idea of what you are planning to do with your time off, you are not ready to retire. The people who don’t do this evaluation process up front normally go through some serious withdraws later on but it’s much too late.

Each of us must make this assessment ourselves, as every case is different. However, I must remind you that these are just a few of essential questions that must be answered ahead of time.  I don’t know what is best for you and once you review these issues, I’m sure you will arrive at the decision that best suits your predicament.

I’m sure that there are a host of other issues that I have not covered here and that is why you should check with a trusted person, or organization that specializes in these matters, before making this decision. What I have outlined above are the situations that I believe are the most important ones for the most of us.While you still have the time today, kindly consider looking truthfully at your reasons before you pull the plug.

I hope that this information helps somebody who is being confronted with this critical decision on what they should do about deciding to retire right now or to wait to do so at later date.