Of course, there is no good time to retire. “Older employees are not a homogeneous group,” asserts Laura Romeo Gordo, research assistant and deputy head of research at the German Center for Gerontology.
“While some people are still fit and productive in their 60s, others are no longer as efficient in their mid-50s.” However, Romeo Gordo knows that most people base their answer to the question “When do you plan to retire?” on the standard retirement age from studies such as the German Survey of Aging. Depending on the year of birth, this limit ranges from 65 to 67 years.
The scientist adds that men tend to work longer. The same applies to people with higher education. On the other hand, those who pursue a physically demanding job usually wish to retire before the normal retirement age.
An important factor when going out: money
Basically, it’s more common for people to leave their jobs earlier, and less often to work longer instead, she says. “In particular, low-skilled people and people with health disabilities are more likely to end their careers earlier than planned.”
Another important factor in deciding when to retire is money: because most people have to calculate very carefully whether they can and want to accept the financial losses that usually accompany early retirement — or not.
When the career ladder becomes uninteresting
For those who can make decisions independently of money and health, there are other indications that it may be time to retire. Then psychologist and coach Kristen Cullen, for example, noticed that her clients deal more economically with their own strength reserves. Many of those who live in their homes no longer want to spend their time on unpleasant topics: “for example, they are no longer bothered by long-standing structural problems.”
Qualen understands that even if the next step in your career no longer seems interesting or you no longer want to put up with everything you need to do to move up the career ladder, this could be a sign that you have entered a new stage in life.
There is also a clear sign when changes are a red cloth and innovations are dismissed with phrases such as “I’m too old now, I don’t have to do it myself anymore”. With such an almost stubborn attitude to rejection, says Kristen Cullen, one should reconsider whether they should stay on the job or change something radically.
Slow moving is better than hard cutting
The same is true if you quickly find yourself in a rut and annoyance from work after phases of relaxation such as a vacation. Or when you realize that work is making you sick. It is not always necessary to say a complete goodbye to the job – changes in working hours are often enough. The prerequisite for this, of course, is that the employer agrees. Basically, the advisor recommends not making a hard cut between a job and a pension.
A gradual transition is usually healthier and more satisfying. There are many possibilities: you can reduce your working hours, act as a mentor to junior employees, and start volunteering. This is how you can maintain what you might lack without the job: “Appreciation, a sense of accomplishment, and feedback on what you’re good at,” says Qualen. However, it is not easy to create a replacement – especially when you work hard.
However, once you decide to retire, you should set a clear deadline for when you want to move out: “Especially with the self-employed, there can be a long back and forth,” warns Qualen.
Beware of the effect of the honey moon
When the time comes, new challenges await. Romeo Gordo asserts: “You have to completely redesign life without work.” Immediately after retirement, there is often the so-called honeymoon effect: it means a brief rise of joy in the new freedom. But later, according to the scientist, the reality seems less rosy to some: “Loss of routines, social contacts and tasks – which can have a negative effect on mental health.”
Psychologist Kristen Cullen advises thinking about how you want to use your new freedom before retirement: “Do I need peace and quiet first? Or do I want to maintain my social contacts and travel a lot?” You should always include your partner in such considerations.