Are you longing for that big day? No, I’m not talking of your wedding. I’m talking of THE BIG DAY….Your retirement day. Yes, retirement is the time to catch up on all things you have postponed in life. Time to pursue dreams and passions. In this dream to retire soon, you are not alone. Studies have shown that 61% of the working citizens of our country, who are 45 years and above, would love to retire in the next 5 years. Are you one of these citizens? If you are, there’s something you need to know. You must retire only from work and not from responsibility. Now to the big question….When should you retire from work? Simple….When you have the money to provide for yourself and family….When you have the money for your children’s major financial goals like education and marriage…When you do not need to earn a single rupee, from any work you do after you retire…then think of retiring. What happens if you retire before this? You are being very irresponsible in leaving your family to face life’s uncertainties, without any money.
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Can you retire from your responsibilities, when you retire from work? Before this question is answered, try this one…Can you retire without enough money? Yes, you can…There’s no one to stop you. But is this a responsible decision? With not much money around, you will be a burden on your wife and children. Your wife may be very good in managing money, but there must be money to manage. With no money around, buying grocery and other daily items, would be like a military operation. What about your beloved children? Don’t they need quality education? How will you be able to give them a quality education, with school and college fees so high these days? Your son might want to be a pilot….your daughter a doctor. Where is the money for you to realize their dreams and aspirations? Ruining their financial goals is absolute irresponsibility on your part. And last but not the least, there’s always you to think of. You would have to say goodbye to eating out in costly restaurants and dinner parties. There’s no money right….How would you show up at this parties with your friends asking you…Still the same watch? Still the same car?
You want to retire at 50, but are not sure if this is the right decision? Why don’t you have a discussion with your wife? Figure out where your plans coincide and where they might conflict. If you and wife feel that there is enough money to meet the family goals, then she might say….Go ahead… retire and enjoy life. If your children are well settled, there’s no reason why you cannot retire and chase your passion. But if your wife says….There is no better time to make good money than the 50’s. You are at the peak of your career and can exploit your skills, to earn a lot of money. Why not be a little responsible and work for a few more years? If you retire without caring for what your wife says….you are being very irresponsible.
You have a responsibility to yourself….What will you do with yourself after retirement? How will you spend time? As you grow old your body betrays you. Ill health is a constant companion. Maintaining yourself physically is quite a task. The onus is on you, to maintain a healthy lifestyle and be fit in body and mind. This is the time for a great saying “If you don’t have time for exercise, you have to make time for disease”. So how would you spend time? Would you wait and see what to do after retirement? Would you spend time doing whatever comes along or would you have a definite plan to spend retirement? You might not need the money, but doing a part time job, can keep you fit in body and mind. Perhaps you can even work for free….Just to keep yourself active. Interacting with your co-workers and working on a stimulating project, can keep your mind engaged and your body fit. Try to take up a part time job, which you like. There’s no stress and you just don’t feel the time passing.
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If you are well employed and work diligently, you contribute to the growth and progress of the Nation. What happens if you quit your job and retire at the ripe old age of 50? You deny your Nation a very good worker. For the progress of the Nation, it needs the contribution of each and every citizen. Now, you a responsible citizen of this country, want to retire at 50, when you are at the peak of your powers and have knowledge and skills, which our Nation needs so badly. Is this right on your part? India has one of the fastest growing service sectors in the World. It is an exporter of IT and BPO Services. The IT industry is the largest employer in the private sector. India is also the fourth largest start-up hub in the world. All this is possible because of enterprising citizens like you. Now imagine the loss to the nation, if you work in the service sector and decide to retire at the peak of your powers. Absolute irresponsibility on your part.
What have you learnt from this article? You can retire whenever you want, but you got to retire responsibly. If you retire as you please, without having the means to do so, your family suffers the consequences. The nation would be the loser. You would be hammering your own feet. So retire responsibility and retire with pride.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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