To Retire or Not to Retire: How to Know When It's the Right Time

 

Choosing to retire is a big step that takes much planning and organization. Just because you're no longer working, doesn't mean that your financial responsibilities go away. That's why it's imperative to plan accordingly and choose the right time for you. No two people are alike, which means that what works for one person may not work for you. You'll need to ask yourself a series of questions when trying to determine if you should retire. We're here to help you take a look at your situation more closely, so you can make the right decision. Here are our tips on how to know when it's the right time to retire.

Your Financial Situation

One of the main factors to consider when deciding whether or not to retire is your financial situation. After all, you'll still have financial obligations, so it's important to determine if you've saved enough to be able to retire. It's helpful to set a goal of how much you'd prefer to have saved for retirement in order to live comfortably. Have you reached that goal or do you have a little bit more to achieve? Also, ask yourself how you want to spend your retirement. You have a lot of options for retirement, including:

·       Traveling

·       Moving

·       Downsizing

·       Taking care of loved ones

Will you be able to do these things with the money that you have allotted for your retirement? This will need to be considered as you attempt to decide on the right time to retire.

Your Health & Wellness

Another factor to take into consideration is your overall health. Are you starting to have some health issues that you need to focus on more closely? Then it may be a time to consider cutting back on work responsibilities. If you've still maintained overall good health, you may decide to keep working for a little bit longer or you may want to think about scaling your workload back a bit by choosing to work part-time or from home. Another aspect to consider is how your loved ones are feeling. If you've got a spouse or family member who is having a health issue, you may want to allot more time, in order to be there for them.

Your Accomplishments & Future Goals

You may have spent quite some time in your career and have constructed a list of goals that you've wanted to reach throughout the years. Are you satisfied with how your career has gone? Have you accomplished the things you've set out to accomplish in your career? Maybe you'd like to reach one more goal. If so, you may decide to put retirement aside and focus on reaching that goal. You'll also need to think about future goals. How would you like to spend your time in retirement? Plan for how you want to spend your time, where you'd like to spend it and who you'd like to spend it with as you navigate the world of retirement.

Your Retirement

No two people choose the exact same way to spend their retirement, which is why you'll need to make the decision based on what's right for you. Asking yourself these important questions will help you better determine when the right time will be for you. Take your time and plan accordingly. These are your years. Spend them how you desire.