A number of people venture into different fields of work because they desire extra engagement. Reconciliation is the final stage. Ages of individuals at this stage range from the late 70s to early 80s (Schieber, 2012). The imagination stage is core because it dictates the stability of life after retirement in light of finances.
In the midst of contemplating retirement, it is important to consider the amount of service credit earned for the total fiscal years of service. Age is another factor of consideration. From the age of 50 to 63 years, for every quarterly of a year there is an increase in retirement benefit (PLANNING YOUR RETIREMENT: Your Retirement Checklist). After the age of 63, the benefit remains constant. The average salary earned is the third factor to consider before retirement. The highest twelve months of salary earning determine the latter factor.
Well-being of an individual, that is, health condition greatly influences retirement. An individual ailing from a life threatening illness is unlikely to encounter the five stages of retirement. Retrenchment is another factor that influences retirement in that there is an interruption to a person’s retirement planning. The role one plays in the structure of an organization is a factor that affects retirement in light of benefits earned from service. As mentioned above the average salary of an individual dictates the retirement benefit.
The government funding of an employee’s retirement plan guarantees one a particular benefit every month while on retirement. The plan is a defined benefit plan (What You Should Know About Your Retirement Plan). Benefit computation at retirement considers average salary, duration of service to the organization and age. The current level of the planning process is working on full time and on the imagination stage of retirement.
In planning retirement, it is