Ready to Retire
Are you going back and forth on when you should quit working for good? If you haven’t hit your retirement age and are thinking about moving into your next chapter, here are some personal and financial milestones you’ll want to reach before you say farewell to work.
You May Be Ready to Retire When…
Your finances are ready. You’ll need to have enough money in savings to live on in retirement for the long term. For example, if you’ve established a budget for when you’re retired, but aren’t confident it’s enough, try living on that budget for a few months before quitting your job. Live like you’re out of work for a while, and you’ll know if you have enough cash to last you through retirement.
You’ve mentally checked out of work. Do you find yourself becoming emotionally distant from your work? That could be a signal it’s time to look for a new challenge, or you may be ready to retire. Just make sure your newfound leisure allows you to actively engage both your mind and body to beat boredom.
You’ve achieved financial freedom from kids. As many parents know, kids can be expensive from day one. If you still have children in college, ensure your retirement finances can support your college funding plan when you leave work for good. Also, remember life circumstances could put a grown child back under your roof—and that could cost. Plan ahead for unexpected issues.
You’re out of debt and have health insurance. These are two of the biggest factors for determining retirement. First, you’ll stretch the length of your retirement savings by getting out of debt before leaving the workforce. Equally as important, if not more, is having health insurance. Medicare is an option if you’re old enough (age 65) but consider your healthcare needs and the potential purchase of supplemental insurance to beef up your coverage. If you and/or your spouse retire before 65, you need to be financially prepared to purchase health insurance.
There’s a lot to consider when planning for retirement and there’s always help waiting for you if you need it. Call the office any time to discuss your retirement plans in more detail.
Investment Advisor Representative
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Advisory services are only offered by Investment Adviser Representatives. Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.
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