The decision to retire hasn’t been easy for older Americans who continue to work in their 50s and 60s. Retirement is about having the freedom and time to pursue life goals after years of hard work, but these days the decision comes down to a single question: “When should I retire?”
At The Care Assistance Center in Raleigh, we believe that good planning is the first step in achieving your future goals and providing you peace of mind. We help our clients by offering the tools and strategies to plan and prepare for retirement so they can safeguard their finances and assets against unforeseen future events and tax liabilities.
The signs and factors that determine if you’re ready to retire are:
- You can live comfortably on your budget. Imagine what your savings will be like once you retire. Be realistic about expenses and potential sources of income in retirement.
- You have reliable and affordable health care. Medicare applies to those who are 65 and over, so it’s important to have an affordable health insurance package that offers low deductibles and copays and covers necessary expenses such as prescriptions, doctor visits, and hospitalization.
- Your debts are almost paid off. Paying off debt takes away from the time and money that could be better spent during retirement. If you have debt, then retiring right now isn’t the best idea.
- You’re emotionally ready to enter retirement. Assess your life situation before taking the big leap into retirement. Are you ready to quit working and live a life of leisure? Are the kids grownup and financially independent? Is your spouse ready to take the next step with you? If everything seems like they could fall into place, only then is it time to consider retirement.
Knowing if you’re ready for retirement ultimately depends on financial stability and emotional preparedness. For more information, contact The Care Assistance Center to determine if you’re ready for retirement.