Ready to Retire? Check This List First


Ready to Retire? Check This List First

Posted by Infinite Wealth Advisors, LLC
2 years ago | April 18, 2022

It’s normal to feel anxious to retire, but you don’t want to take that leap before you’re truly ready. Before setting a date, check this list for some of the more obvious signs that you need to tweak your retirement income plan.

You haven’t calculated your retirement income. You aren’t sure how to structure your retirement plan withdrawals, how long they will last, or the tax implications.

You don’t know the facts about Social Security. How will the timing of your claim affect your benefit amount? Do you know how much more you could earn by delaying your claim a bit? Do you and your spouse understand topics like survivors benefits and spousal benefits? You should be able to answer these questions about Social Security.

You’re carrying considerable debt. You will stretch your retirement income farther, and enjoy your retirement much more, if you don’t carry debt forward into these years.

You don’t live on a budget already. This is especially important if your income will drop a bit in retirement, as is common. You can’t just expect to reduce your expenses in line with your income; you should be practicing life on a budget already.

You don’t have some cash set aside in a savings account. You need to know how you would cover an unexpected expense, such as medical bills, a home repair, or family emergency, without going into debt.

You haven’t planned for long-term care. About 70 percent of retirees will need long-term care at some point, and nursing facilities are expensive. Do you know how you would cover this expense?

Most of your personal fulfillment comes from work. People who reap most of their joy in life and create most of their identity through work often feel a bit lost after retirement. You should be enjoying hobbies and other, non-career interests before you give up your job.

You don’t enjoy an active social life. If you get most of your social contact from work, you could become bored and lonely when you’re no longer heading to the office every day.

If any of these points raised a red flag, don’t worry. Just make an appointment with us to discuss your situation, and we can help you create a strategy to retire as soon as it’s reasonable to do so.

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