Retirement planning is on many people’s horizons, with those reaching retirement age often seeking help from financial planners to maximise their entitlements and learn about superannuation access.
However, not everyone retires simply because they reach an age that entitles them to pension payments. Some people quit work because they experience health conditions, such as these below.
Depressive Symptoms
The prevalence of depressive symptoms in older adults living in Australia is well-known, with around eight percent of healthy community-dwelling Australians over the age of 60 experiencing depressive symptoms in recent studies. They were also more frequently experienced by women, current smokers, ethnic minorities, and those living alone or in residential care.
Depressive symptoms can involve your mood, behaviour, sleep, body, cognition, and weight. You may consider retirement if you feel general discontent, loss of interest, sadness, fatigue, or other common signs of clinical depression.
Limb Pain
Whether your job is physical or not, experiencing limb pain can often plant the idea in your mind that retirement is something worth considering. You might struggle to ease your pain and discomfort at work, and pain and stiffness might also be impacting your ability to do your job to a high standard.
Rather than let your productivity suffer and your employer notice there’s an issue, many people decide to hang up their name tag for good and start organizing their finances. Seeing financial advisors can provide some insight into how you can manage your money when you receive your final paycheck.
General Pain
As you age, you can find it harder to perform everyday tasks that would have been effortless in your youth. Something as straightforward as stocking a grocery shelf can suddenly become a challenging and frustrating task that sees you relying on pain medication.
At this point, many people reaching retirement age may consider retirement. They can then focus their time on activities that don’t cause pain and discomfort.
Impaired Physical Mobility
If you’re experiencing pain, then you may also find that your physical mobility is becoming limited. Depending on your line of work, this can be a cause for concern and may impact your ability to do your job.
Particularly physically demanding jobs like trades and even retail where you’re on your feet all day may have you questioning whether it’s time to say goodbye to paid employment and hello to retirement paradise.
However, before you stop working altogether, consider whether there are any mobility assistance products you may be able to try first.
Shortness of Breath
Shortness of breath is a common symptom, especially amongst older adults. However, just because it’s common doesn’t mean it’s normal. Any number of diseases and conditions can be to blame, such as anxiety, muscle weakness, lung disease, heart disease, and even anaemia.
Breathlessness should always be investigated by a health professional early on to rule out or diagnose any serious health conditions. If you’re finding yourself short of breath as you go about your daily work, slowing down might be something your doctor recommends while they get to the bottom of the cause.
Given how uncomfortable being short of breath can be, you may see this experience as a sign to retire, especially if much of your job involves physical labour that you’re no longer comfortable performing.
Most people start working to eventually retire and enjoy the fruits of their labour. However, some people only consider retirement when their health conditions make working unenjoyable and nearly impossible. If you’re experiencing any of these symptoms above, now might be the right time to start thinking about organizing retirement planning with financial advisors to put you in the best possible position to quit employment for good.