Tips to retire like a boss sans regret: Watch your bank balance, health & make a bucket list

Retirement can be a daunting prospect. Follow these pointers to determine the ideal age to retire with minimal regret.

Former Japanese Emperor Akihito formally abdicated his throne last month at age 85, citing health concerns. In a rare address in 2016, the Emperor had expressed concern that his declining fitness would put a strain on his family and Japanese society if he were to fall ill and die on the throne.

Most people base their decision to retire solely on their age, but there are a few other factors you should take into account. Here are some key questions to ask yourself:

Breaking the bank
When deciding if you should retire, determine the type of lifestyle that you want to live and if you can afford it. Most retirees envision a life in retirement that is just as lavish as when they were employed. But, in reality, you’ll probably be scaling back. One way to plan ahead is to aim for retirement savings that are 25 times larger than your expected annual withdrawal. If your retirement nest egg isn’t at that stage yet, you could delay your retirement by a few years, look at partial retirement options or make cuts to your anticipated retirement budget.

Your health
Currently you might have a relatively healthy lifestyle, but that could change fast. If you are in excellent health, delaying your retirement may not affect your plans. Take an honest look at your health and life expectancy and weigh that into your decision about when to retire, especially if you’re planning an active retirement. If travel is on your bucket list, plan to do so in the first five years of retirement.

Bring out the list
Having a plan in place for what you’d like to do will help you avoid retiree’s remorse. Many retirees say they do part-time consultancy or pick up a new hobby to keep their minds sharp and maintain a sense of purpose. What do you want to do? Where do you want to do it? Who do you want to experience it with? Answering these questions will give you a reason to get out of bed every morning.

Ask your partner
Are you on the same page as your spouse/ partner when it comes to retirement? Most people have a basic idea about how to spend their golden years, but forget to consult with their spouse, leading to arguments in the future. Spend some time together planning your expectations post retirement. Decide when you’d both like to retire, if you’d like to live closer to your children or live independently. The earlier you start planning, the quicker you’ll work through your differences and enter retirement as a team.



Social ties
Take steps to solidify your relationships outside of work, or make new ones before pulling the plug on your career. Many people lose most of their social connections after retirement because many of their friends are work-related or they’ve chosen to relocate post retiring. If you’re moving to be closer to your children or downscaling into a smaller home or even moving to a warmer location, take extended vacations to make sure you like the location, the neighbours and local activities available.