Written by : Knowledge Center Team
2025-12-17
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9 minutes read
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Retirement is a major life event. You work hard to earn a living for years until you decide to call it quits. But deciding if you are ready to retire or not is a tricky one. Since retirement is a one-time decision, it should be taken with a lot of thought.
You don’t need to retire only when you have attained the age, you can retire voluntarily as well. Voluntary Retirement Scheme is being taken by many nowadays.
So, when do you get to know that you can finally retire? What is the best retirement plan that you can buy?
Here are 9 signs that can tell you whether you can retire or not:
Your Age and Health does not Support Work Anymore
Age is one of the primary factors in deciding whether you can continue your work life or hang the boots. Often with age health becomes a major concern. So, if your age and health are stopping you from enjoying your work, you should consider retirement.
However, this is not independent of financial matters. So, considering you have ample wealth to retire peacefully, you can take a break from work based on age and health. You can use retirement calculator to find what is the best age for you to retire based on your savings.
You have done Proper Retirement Planning
Thorough financial planning should be done before retiring so that you can enjoy your retired life. Use a retirement calculator to estimate the amount of money you will need before you contemplate retiring from work.
Budget your monthly expenses after retirement and estimate the money you need as corpus. If your finances are planned properly and you have the targeted corpus ready retirement can be a reality.
Your Family’s Long-Term Goals have been Met
In life, there are certain long-term goals you want to achieve for yourself and your family. These can be buying a house, taking care of your child’s education and marriage, etc. Most of these goals need big budget savings and long-term efforts. At the same time, your investment for retirement also continues.
So, once you have fulfilled these family goals and have enough wealth to retire, why not?
Your Child is no Longer Dependent on you
Ensuring that you are financially independent is a prerequisite to retiring. But another thing is to check whether your children are financially independent as well. If your kids have grown and have their job and are financially independent, retirement is an easier decision.
If your child’s education is still not complete and he is still dependent on you for daily expenses then you should push the thought of retirement. You should also talk to your kids and emphasize the importance of being financially independent.
You have Adequate Savings
Making sure your savings is enough is a major factor you need to consider before retirement. Before retiring you should save as much as you can. Ideally, your retirement funds should be 15 to 20 times your annual income need at the time of retirement.
If your savings are not at the desired level you will have one of the two options:
- Continue to work and save until you achieve your desired retirement corpus
- Lower your annual income need to match the corpus available
You also need to make sure that you have saved enough so that you can meet any unexpected expense that comes your way easily. Savings need to be in line with your lifestyle as well.
You Want to Take up your Hobbies
If you want to pursue the hobby you were neglecting for some time and now need to give your whole focus to that then retiring will make a good option. If you want to start a new hobby or take something you have already been pursuing then you might be ready to retire. It can be anything from travelling the world to writing a book.
This will also keep you engaged post-retirement as you will be busy and will also have a sense of purpose.
You have no Ongoing Debt
You would not want to have a debt hover over your head even after you have retired. If you have retired and still have ongoing loans then this might cause you to delve into your savings. This will decrease your corpus.
So, if you have no ongoing loans to repay your retirement estimates will finally fall into place. You must make a plan to pay off your debt in time.
Investment is About to Mature
During your work life, you must have invested in some plans and have taken some policies. These, one matured provide you with a good corpus that you can use post-retirement. Some common investments are life insurance, savings plans, etc. If your investments have hit the right notes and it has grown considerably then you can choose to retire.
You Don’t Want to Continue with your Job
If you no longer enjoying your job and think that you can't bear with it further then maybe it is time for you to retire. Sometimes you may feel that there is no passion left in you for your job and it is taking a toll on your health. If you are just working for the sake of it and not because you have to cover your financials, you can consider retirement. This will ease the pressure both physically and mentally.
As you have seen above retiring voluntarily isn’t an easy decision to make and you will have to consider all these factors above to do so. Make sure you have saved enough and have talked to your wife and kids about it. Taking time to think about this and planning your way through will prove a key to your happiness and successful retirement.
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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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