When should I retire is a big question in everyone’s mind. When you feel like it is time to retire, you start thinking about retirement planning. Nowadays it resolves around employer percentages, being vested (or not), etc. The main topic revolves around the right age of retirement and a place to spend retirement life. You can opt for luxury retirement homes in Kerala to spend for the rest of your retirement life in peace.
In India, the ideal retirement age is 60 years. But unfortunately, many parents due to family responsibilities end up working beyond retirement age and struggle to settle down.
Taking an Early Retirement
Early retirement happens when a person stops working before their standard age where they can opt for pensions offered by the government which is before 60. An early retirement is a good option for people who have very good financial security. But early retirement becomes mandatory for those who have severe health issues.
Benefits of Early Retirement
- Reduction of stress
- More free time
- Ability to pursue passions
- Potentially healthier and longer retirement
Disadvantages of Early Retirement
- Less time to grow investments
- The longer time of living off savings or fixed income
- A potential loss of purpose or drive
Delayed Retirement
Some people due to work commitments, family commitments, financial requirements, etc end up choosing delayed retirement. Late retirement can be good as long as you have the health and the passion to keep working despite the age.
Benefits of Late Retirement
- More time to grow your investments and portfolio
- Maximizing pension payments
- A continued sense of purpose from your career
Downsides of Late Retirement
- Work-related health decline
- Potentially shorter retirement
- Not transitioning to retirement with spouse or peers
Investments and Ongoing Financial Stability
Your time of retirement needs to be planned effectively so that you have a stress-free and peaceful life ahead. We here at senior care homes in Kolenchery want to offer you retirement homes that offer you world-class facilities and infrastructure to live your retirement life in peace & comfort.
Plan how you want to spend your retirement life- Invest in your retirement life.
The most common forms of retirement savings are:
1) Social Security
2) Pensions
3) Annuities
4) An senior-friendly apartment
The Right Retirement Age?
Now ask the question again, is there a right age for retirement? Actually no! It all depends on your financial status, your health, and your responsibilities. Understanding your personal needs, we have come with the assisted living home for elders in Kochi with the best living environment and facilities.
