If you are thinking about retiring soon, you may dream of quitting your job and traveling the world.
However, before you call it quits, there are a number of reasons you may want to think things over.
You may live longer than you expect, you may run into unforeseen health issues or face tough financial times that force you to cut back.
That’s not to say you shouldn’t retire early, but if that’s your plan, run various scenarios to make sure your savings are going to cover your expenses during retirement and offer a lifetime of income.
Replace Doubt With Certainty…
Same with not retiring soon enough. If you’re unsure your savings will be adequate, you’ll worry and as a result, perhaps work longer than you have to.
You’re much better off knowing what you have and what you’ll need. Replace doubt with certainty and only work as long as you want to.
Know when to retire is always tricky. No one has a crystal ball. Certainly the current inflation rate has given pause to many who were ready to retire.
It could be time to meet with a financial planner, or at the very least use one of those online tools to see if you have enough financial wherewithal to retire or when the optimal time to retire based on your personal situation.