Ways to Know if You're Truly Ready to Retire

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Dreaming of retirement? Many of us are, but how do you know if you're ready? The idea of whether you'll have enough to securely live a comfortable lifestyle for your remaining days can be daunting, at best. Take some time to consider these aspects before deciding to say goodbye to your regular 9 to 5 gig, and you'll likely feel better when you finally decide to make that leap.

You've Planned for Your Retirement Lifestyle 

Yes, hopefully, you've been investing over the course of your work life, whether it's a 401(k), stock investments or other retirement accounts.There are other aspects, beyond the financial, to consider when you're planning for retirement. You'll need to give some thought to your lifestyle and the kinds of things that will make you content in your day to day life. For example, where will you live geographically, and what kind of home do you wish to have? Will you have a support network? This is an important component to happiness as you age. Will you want to pursue particular hobbies that cost money such as golf or might you want to continue earning in some way like consulting or starting your own small business? These are all aspects that will contribute to your decision of whether now is the right time to retire.

You've Considered When to Claim Social Security

Many people are withdrawing their Social Security early these days. That's understandable. They want to use that money to enjoy as many years as they can post-retirement. However, early withdrawal can cost you. For each year closer to age 70 you wait to cash out, you can be earning an additional 7% to 8%. That adds up. Take a moment to check out online social security calculator tools to see just where you stand.

You've Crunched the Numbers 

 Now let's take a look at the money it may actually take to sustain a life after retirement. When you're approaching the actual time to consider retirement, about 10 years before your intended date, it's important to establish a retirement budget. Depending on the retirement lifestyle you've envisioned, you may need more than the 80% of your pre-retirement earnings to live on. It's always good to check with an established firm to make sure you're on track with your goals. Professionals can help you to look at the numbers and give you peace of mind.

These are just a few aspects to consider when it comes to retiring. Thorough research and planning will ensure that you enjoy your golden years.


  1. Some risks loom larger in retirement than during your working years, like inflation, taxes, health care costs, and market drops. Managing them is key to success.

  2. Way too many people I know are constantly traveling & going on trips! I bet they are hardly putting much away for their retirement, because they just want to live for today!

  3. I retired before the age of 50, although I do get job offers almost daily. It is nice to set my own TV and gardening hours.

  4. I'm 58 and planning to work until I'm at least 70. The key is that I work hard to stay healthy, and I'm self-employed.

  5. I admire all these people that retire early. I really do. Yet, I just can't do it. We have extreme longevity in our family. I'm 59, my husband is 65 -- both still working. All 4 of our parents are still alive - in their mid- to-late 90s and perfectly healthy. This is what is driving our decision to delay retirement until 70.

  6. I am planning my retirement, but also planning to be able to enjoy it.

  7. I am 45 and have been crunching the numbers for the last 5 to make sure that I am still on track to retire at a "normal" age. It is very difficult when you are talking about the possibility of LIFE getting in the way of your retirement. Plan for the future, no matter what!


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