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If you’re thinking about retiring soon, you may have many questions. Many Americans aren’t sure about when they can afford to retire or how large their retirement nest egg may need to be. When you’re evaluating the decision to retire, consider the following.
• Retirement finances. In order to retire, you should be prepared to cover your retirement living expenses through your retirement savings, Social Security benefits, and other sources of income.
• Health and longevity expectations. Your current health, family medical history, and lifestyle can help you estimate how long you might expect to live in retirement and how much you should budget for health care expenses.
• Spousal age and status. If you’re married, work together with your spouse to determine a retirement timeline that suits both your needs.
• Eligibility for benefits. Work with your employer to understand your full benefits, including any health insurance coverage needed until you and your spouse become eligible for Medicare.
The decision about when to retire depends entirely on your personal circumstances. A financial professional can help you understand how your age, finances, health, and sources of income may factor into retirement strategizing calculations.
Are you looking forward to retirement? Are you really prepared for what lies ahead? Our free ebook can help you find out. Register today to receive your copy of "Retire Happy: A Simple Guide to Your Next Big Adventure."