There are many people I know who are contemplating retirement 5-15 years before they HAVE to retire. When I ask them WHY do they want to retire, these are the normal answers that I get:
1. Have enough money. However there are a few people who say they have ‘enough’. Then I calculate how much they need, they keep their mouth shut – they have forgotten inflation DURING retirement!
2. Spouse earning much more than we thought we would earn: This is true largely for women who are currently not in high paying jobs. When their husbands start earning Rs. 75 lakhs, and along with stock options their net worth is in excess of Rs. 3-4 crores + a house…the itch to quit bites them. However there are women who say “Will get bored at home” so they do not quit!
3. Kids have settled: When the kids are settled and you want some free time for yourself – or even to play with grandchildren it becomes a good reason to quit.
4. To look after a problem kid / ill kid : AT least 7-8 people I know have taken a VRS to help or be with a kid who needs help. It could be a physical problem – but largely it is the mental illness which requires a parent’s attention.
5. To look after a parent or an inlaw: Again largely a woman who gives up her career for looking after an ill relative.
6. Company policy of retiring persons above a particular age – clearly not a voluntary option.
7. Did not like the job / boss / location: Older people who are pushed to do things they do not like, with people who do not respect them, or in a location where they may have to live without their family….
8. Own health not permitting travel by train / car / bus or not wanting to do a touring job after a particular age.
9. Not appreciated
10. No work: Salary was being paid on time, but I did not think I was adding value to the company! A very very sensitive answer, but I have got this answer too!
…..will continue as i get more answers…!
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