Do you feel like you are getting too old and unable to continue with your full-time job? Are you planning to retire and enjoy your old age in peace? Well, you need to first understand the right time to retire. If you are employed, there might be regulations that govern that. However, if you are in business, it is up to you to choose when to retire.
In most parts of the world, the default retirement age was set at 65 years. However, this has since been phased out and now people are able to work for as long as they please. When can you retire then? Today, the time to retire is just but a matter of choice. In most parts of the world, many businesses don’t set compulsory ages of retirement for their employees. Therefore, if you decide to work for a longer period of time, you will never be discriminated against.
However, there are some employers who might decide to set a compulsory retirement age for their employees if they are able to clearly justify it. It is therefore your responsibility as an employee to discuss how and when you intend to retire with your employer. This can include a flexible work schedule that phases your retirement process.
Nonetheless, if you are a member of a given occupational pension schemes, you ought to discuss with your pension schemes about the impact that your decisions might have on your pension in future. You need to talk with your pension scheme manager and understand if they support phased retirement arrangements and if they can allow you to work beyond the normal pensionable age. In some instances, employers might or might not agree to requests that are made by employees.
Retirement is a form of resignation and therefore both the employers and the employees ought to follow the right procedures. So, you shouldn’t worry about when to retire, but rather how you should go about the process.