Many people dread retirement because they have no idea what they're going to do, while others go in fully planned for the future.
The average American retires at the age of 66 and lives until 79. This means your retirement period is likely to last more than a decade. So it's imperative to plan and consider all kinds of nitty-gritty details before handing in your retirement letter.
Here’s when you should consider retiring and how you should do it.
Here are five signs that indicate that you’re okay to retire:
Deciding to retire means being ready to pay all your bills and fulfilling all your expenses without a monthly income.
You need to plan and assess your financial capacity and monthly budget to prevent needless duress. Here are some warning signs that indicate you're not ready for retirement:
No, we're not talking about just social security and pension funds. You must be able to handle any emergency after retirement. And this doesn't mean you have to know what will happen; rather, you need to have a robust plan in case an emergency occurs.
You must have a plan for when the market crashes, if a pandemic hits, a spouse or a loved one passes, or a natural disaster occurs.
Opening an HSA (Health Savings Accounts) while you’re still working is highly recommended; it’ll help you stay liquid and financially stable during your retirement period.
Are you sure you can stay home and do nothing post-retirement? While it’s a strategically, emotionally, and psychologically draining decision to make, it’s also a financial decision—so don’t go cold turkey! Figure out alternative work activities; decide to volunteer at a local charity and picture what your life post-retirement will look like.
Some other things to consider before you retire are:
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