Thursday, May 22, 2008

The Best Time To Retire

Retire is stop doing your job especially because you have reached a particular age (Anon. 1983). The problem is, in many countries, there’s no certain regulation in what age employees should retire. A company could have different retire age with the others. In the other hand, government’s offices have their own regulation about retirement age and the government itself didn’t have regulation when the politicians have to retire.

It is apparent that the ideal retirement age varies widely amongst different individuals (Nielsen, 2007). In advanced countries like USA and Singapore, mostly of workers indicate an ideal retirement age between 50-65 years. On the contrary, those ages are the time when politicians begin to hold a power. Based on that fact, an ideal retirement age also depends on what job that someone does.

Common workers consideration is influenced by one main factor: financial. People with lower incomes are more likely to think life in retirement will be worse. Although people will receive a kind of pension funds, both governmental and privates, but most people doubt that it’s enough to fulfil their life needs. They’re ready to retire when they had had sufficient income to do so. Say, that in a month, people with average incomes can save about 8-10% from their salary. In three decades, they will have savings about 36 bigger than their monthly salary. And say that they made some high cost transaction; they will have net savings about 18-20 bigger than their monthly salary. I think this amounts is sufficient. How about people with lower incomes? I consider if they go to work for 10 years longer, they also will have sufficient income to retire. If we suppose that people begin to work in 25, they will ready to retire in 55-65.

Different with the common workers, politicians with relatively high income not consider their financial as their influence to decide when they should retire. Financially, they ready to retire whenever they want. I recommend that to prevent the autocracy, a politician may hold a power no longer for 10 years. If we suppose that politicians begin to sit in power in 50-55, they should retire in 60-65.

In conclusion, for common workers, the best time to retire is about 55-65 years old, depend on their sufficient income. And for politicians, the best time to retire is about 60-65 years old, just 10 years power to avoid the autocracy.

Peter, D. (2007, September). Nebraska Rural Poll Research Brief [Online article]. Retrieved May 4, 2008 from the World Wide Web :

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