It can be difficult for many people to decide when they want to retire. Some may be forced into retirement due to illness, caretaking responsibilities or losing a job, while others are able to choose when they retire. However, the problem arises when you are resistant to the idea of ever stopping work for one reason or another.
The following are several signs suggesting it may be a suitable time for you to retire.
You have conquered your fears
Choosing to retire is a big decision that should not be taken lightly. There is a variety of common fears people have keeping them from making the final decision to stop working. Retiring is not a guaranteed stress-free period of time bringing its own set of challenges making certain people hesitant to stop working.
One common fear is the fear of not having enough money to maintain an acceptable quality of life during your golden years. The issue is when you retire you are not earning any income, but you will still need money to pay for living expenses meaning you need to use money stored in your savings, investments, and other resources.
Others may be afraid of losing their life’s purpose or just simply being bored when they stop working in their career. Regardless of what fears you have about retirement; you will need to conquer those fears before you know you are ready to enter your golden years.
Having a solid financial plan
You will not be ready to retire until you have a comprehensive financial plan to guide you through your retirement years. This plan should include how to best allocate your money and resources to ensure you can maintain your desired quality of life without running out of capital too quickly. You should structure the plan to help maximize your retirement accounts, savings, and Social Security benefits. We can help you to develop a plan right for your needs.
Plan how to spend your time
It is not rare for retirees to struggle with maintaining a sense of purpose once they stop working. Contemplating what you will be doing with your time during retirement can help with making sure you are ready. This might include having a list of places you want to visit or friends and family you want to spend time with. You can also plan on spending time on certain hobbies you may have neglected or even starting new hobbies and activities. Also, volunteering for causes you believe in can provide you with a sense of purpose. Or you want to focus on your fitness during your golden years.
Consulting with a financial professional
It is never a bad idea to obtain professional advice when it comes to finances, especially retirement planning and estate planning. There may be various strategies available to somebody in your particular situation that could ensure you maximize your capital during your golden years. Let us help you customize a strategy for your specific circumstances and retirement goals.
Any opinions are those of the author and not necessarily those of Raymond James. This material is being provided for informational purposes only and is not a complete description, nor is it a recommendation. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or a loss regardless of strategy selected. Prior to making an investment decision, please consult with your financial advisor about your individual situation.