Retiring early is certainly not for everybody, especially when you have one or two remaining family members to support and big financial obligations to meet. Advance planning and preparation are needed, and calculating your future pension and other receivables now will give you an idea if you have sufficient income to live on during retirement.
First, why do some people go into voluntary early retirement? A few reasons may be as follows:
First, why do some people go into voluntary early retirement? A few reasons may be as follows:
- to spend more time with their family;
- to have more time for self and be able to pursue their interests;
- to go into business;
- to reduce stress in their lives with a view to improve their mental and physical health;
- to find a new boss because they can’t stand their current boss anymore (really!);
- to pay their mounting debts out of their separation money and then look for another job; or
- to take up an alternative opportunity that is more suitable to one’s skills and liking.
The next question will be: “Can I afford to retire in say, three, four or five years?”
In some companies with many workers, there is a system built in the computer for their workers where they can enter their names and the system calculates the workers’ estimated pension and other receivables at a certain age depending on a few criteria. The resulting figures are usually not exact but a good indication of what the workers will receive at a certain age. Based on the results, a worker may do some crunching of numbers on his own to see if the figures calculated will let him and his family live sufficiently (or insufficiently) for the years to come after retirement.
In the absence of this system in the workplace, free retirement calculators are available on the internet where you can project your future receivables, how much you need to save in order to comfortably retire in the future, and advice on what steps you can take to achieve your financial goal.
Quote for today:
"The question isn't at what age I want to retire, it's at what income."
- George Foreman, boxer
In some companies with many workers, there is a system built in the computer for their workers where they can enter their names and the system calculates the workers’ estimated pension and other receivables at a certain age depending on a few criteria. The resulting figures are usually not exact but a good indication of what the workers will receive at a certain age. Based on the results, a worker may do some crunching of numbers on his own to see if the figures calculated will let him and his family live sufficiently (or insufficiently) for the years to come after retirement.
In the absence of this system in the workplace, free retirement calculators are available on the internet where you can project your future receivables, how much you need to save in order to comfortably retire in the future, and advice on what steps you can take to achieve your financial goal.
Quote for today:
"The question isn't at what age I want to retire, it's at what income."
- George Foreman, boxer
