You’ve been dreaming of retirement for years now, but maybe you’re feeling the urge much more strongly as of late. Or, maybe you’re worried that you’ll never be ready to retire, and you don’t know in which direction to head. This list is by no means a comprehensive list of everything you should consider, because retirement readiness can vary greatly from one person to the next), but it will definitely point you in the right direction. If you can say “yes” to everything on this list, you’re getting close!
You’ve completed enough years of service. For federal employees, this is the obvious one. You want to be able to access your full retirement benefits.
You’re free of debts. You will enjoy retirement much more if you aren’t saddled by hefty revolving payments, such as credit card debt. Plus, your budget will have a bit of “wiggle room” for those unexpected surprises that are sure to come up.
You’ve reached “full retirement age” as defined by Social Security. Social Security comprises an important part of your retirement income, so you don’t want to leave any money on the table. If you claim benefits earlier than your full retirement age – which ranges from 65 to 67, depending upon your year of birth – then your checks will be permanently reduced. If you can wait and claim a bit more money, it often makes sense to do so.
You know what you want to do. Research has demonstrated that the happiest retirees are those who have a plan. If you can name a few hobbies that you want to pursue, or goals that you want to achieve, then you are probably destined to be one of the happy ones.
Your spouse agrees. We all know that having our spouse on board with major decisions usually makes the transition go much more smoothly. Does your spouse agree that it’s time to retire? If not, have you addressed their concerns?
You’ve considered insurance. Retirement, like any life change, brings some risk. Have you considered long term care insurance? What about supplemental health insurance? How about life insurance, to cover your spouse’s needs or provide for burial expenses one day?
The numbers add up. Meet with us, and we’ll run some projected retirement income scenarios. If the numbers match your budget, it really might be time to retire soon!
