Ready, Set, Retire: 4 Signs You’re Ready For Retirement

Whatever your career choice and however long you’re worked for, when it’s time to retire, you’ll know. Some people work beyond the retirement age, while others retire at 35. There is one-size-fits-all age for when you should retire, but here are a few signs that will tell you that it’s time to put down your workload and enjoy your life of retirement.

Take a look at these 4 signs that it’s your moment for a life of ease:

1. Your retirement budget is doing well.

Your retirement budget is hefty enough to support you for years to come and the type of lifestyle you have in mind to live. In the same vein, you also have a substantial investment portfolio. Take into account Social Security benefits you’ll receive (if you’re old enough) and any pension you qualify for. If all checks out and you’ve asked yourself, “how much money do you need to retire?”, and you’ll be able to live comfortably for years to come, it could be a great time for you to go ahead and enjoy the life of ease.

2. You’re at the age where you can receive retirement benefits.

If you’re over the age of 62, you’ll be eligible for Social Security benefits. Keep in mind that if you want to receive a higher amount, it’s a good idea to wait until you’re above the age of 66 with the cut-off age for claiming these benefits is 70. You’ll get more if you do wait until then. Either way, if you’re tired of working and qualify for these benefits and have enough saved up, go ahead and retire—you’ve earned it. 

3. You own your home and have paid off all of your debt.

You don’t have to be a grandparent or over the age of 60 to enjoy retirement. Some people start working young and with a plan in mind and ambition to make it happen, end up retiring under the age of 40. One big way to make this happen is to have all of your debt paid off so that you can live comfortably without working for years to come. Keep in mind that this isn’t a decision to take lightly. Don’t underestimate costs or jump the gun with your investments and savings. Make sure all of your ducks are lined up and you don’t have all of your eggs in one basket. Some people choose to retire early because they think they’re ready but without proper planning or working with a financial advisor, they find themselves needing to go back to work.

4. You and your spouse are ready to enjoy the world—and can afford to do so.

It’s one thing being single but are you married? Perhaps you love your job and what you do but you aren’t ready to let go of it but your spouse is 100% ready to enjoy life as a retired married individual. While they can go off and see the world alone, perhaps they would love to do so with you. On the other hand, if you choose to retire too early while they’re still working, they may not be so happy. Who takes care of the income? If you retire leaving them to handle it on their own, let’s just say, you may end up enjoying retirement alone. Of course, most married couples will plan ahead and decide on these factors well before it’s time for retirement. If you haven’t yet, it could be time to make a plan for your time in retirement.

In Conclusion

Most of us look forward to the day where we no longer have to grind away but if you don’t prepare, retirement may not look as comfortable as you would hope. Before you make the decision to retire early or if you’re at the age of retirement, consider these factors before you choose to say goodbye to being a part of the country’s workforce. Happy retirement!


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