What Questions Should You Ask Yourself When Trying to Retire?

[Holicent]

Retirement is a big decision, and the age at which you retire is just one of many factors to consider. It's important to think about your health, your savings, and the lifestyle you want to have when you decide whether or not it's time to retire.

First, do a thorough assessment of your health. Are you in good shape? Do you exercise regularly? How are your finances? Do you have a pension? What other investments do you have? What is your monthly income and expenses? If you're still making contributions to an employer-sponsored retirement account, consider whether or not the benefit will be worth staying on for a few more years.
Next, ask yourself what kind of lifestyle you want after you retire. Do you plan on traveling extensively or settling down in a house on the beach? These plans can play an important role in deciding when to retire.

If you're still not sure if it's time to retire yet, talk to a financial advisor who can help provide guidance on what would be best for your unique situation.

 

[Jasz]

Retirement is not just an age. It’s a financial number. You are ready to retire when you have saved enough money to live the retirement lifestyle you want and can safely withdraw money from your savings to supplement any income sources, like Social Security or pensions, that you may have in retirement. There are several online tools that can help you calculate this number. But, as you run these numbers, consider the following:

How much will your expenses be? Will they be higher or lower? Do you need funds for long-term care? How much income will you receive in retirement? How will inflation impact your income in future years? What are your health risks? Do you need to account for potential health care costs? Will your health care coverage change? What does the market look like now and what do experts project for future market performance?