Do you often find yourself asking about retirement? After years of hard work, it’s finally time to retire. You may have already started thinking about it, but the question is, when is the right time to retire?
Not everyone is ready to retire, and it doesn’t matter how prepared you think you are. You may earn a high monthly income, but if you don’t invest in your future, then your present will be at stake.
Here are some signs that will help you know the answer to the question, “Can I Retire Yet”?
1) You’re Free of Debt
If you’re already living a debt-free life and you don’t foresee any debts in the future, then you’re one step towards retirement.
However, if you still owe the bank some money, such as your credit card bills, then it’s best to postpone retirement until you’re completely debt-free.
Surely, you don’t want to worry about any type of debt. Remember, retirement is meant to live your golden years fully. You need to make the most out of it!
2) You Don’t Support Anyone
Another sign that you’re ready to retire is when you’re no longer supporting anyone. It could be that your children already have stable jobs and families of their own.
However, if you’re still supporting your children and helping them out regularly, then it’s probably not the best time to retire. This also applies if you even support your parents, who require your financial support.
3) You Have a Withdrawal Plan
You have spent years saving up for retirement, and now that you’re asking yourself the question “Can I Retire Yet?”, it’s probably time that you establish a withdrawal plan.
A withdrawal plan allows you to know the right amount of money you can safely get from your savings every year.
Having enough money to cover you throughout the years after retirement is one thing. However, you can’t just withdraw all the money in the bank. You need to have a withdrawal plan, and if you already have one, then you’re one step closer to retirement.
4) Your Healthcare Is All Sorted Out
Retirement should be fun, but you also have to consider that it doesn’t make you younger. You will probably have lesser stress by this time, but still, age can bring health problems, and it’s best that you’re prepared for anything.
When you retire, you will not have a stable source of income. So, before you retire, you have to sort out potential healthcare costs such as premiums, etc.
Long-term care is possibly an expense that you will face in retirement, and it’s not cheap. Healthcare costs can also be unpredictable, so it’s best that you’re ready to take on such a task.
If you already have this sorted out, then you’re almost ready to retire.
5) Your Loved Ones Agree
Retirement does not involve you only. If you’re married, you have to consider what your spouse thinks and how it affects them. If you’re single, you might have to consider what your family has to say.
The opinions of the people you will be spending your retirement years with have a say on whether it’s the right time for you to retire or not. Consider their opinion because you don’t want to have any problems with them in the long run regarding your retirement. When you have their go-signal, then consider yourself free as a bird.
This entry was posted on Sunday, November 17th, 2019 at 5:34 pm and is filed under Retirement. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.