You’re nearing that point in your life – retirement. How do you know if you’re ready to make this step? Here are a few ways to tell if you’re ready to retire.
According to Real Deal Retirement there are five ways to tell if you’re ready to retire.
1. You Know What Your Retirement Will Look Like
Have you spent a lot of time thinking seriously about what you’re retirement will be like? Do you already know where you want to live and what hobbies you want to pick up?
Are you and your spouse wanting to spend your retirement traveling? Do you want to spend it visiting grandkids? Do you want to spend your time hanging out with and making new friends?
If you’ve already though about this in detail, you might be ready to retire.
2. You’ve Budgeted Out Your Retirement
Do you know how much retirement will cost? Have you figured out your expenses (at least for the most part)? Are you retirement funds sufficient for this budget?
If you have a rough idea of how much money you’ll need for retirement and have enough saved up to accommodate that, you might be ready to retire.
3. You Know How You’ll Claim Your Social Security
The longer you wait to take claim your social security, the more money that builds up. Taking out your social security before “retirement age” can be a mistake.
Have you thought about how you’re going to go about claiming your social security? If you’ve thought this through, you might be ready to retire.
4. You’ve Figured Out How to Make Your Savings an Income
Retirement means that you no longer have an income. You’ll have to use your nest egg to pay your monthly expenses instead.
Have you thought about how your going to use this money? Have you created a plan? If so, you might be ready to retire.
5. You Know that You are Financially Ready
You not only think you’re ready to retire. You know. If you’re confident that your finances are set, you might be ready to retire.
Are you ready for retirement? Looking for a great retirement community?
Check out Sunland Springs Village!