For those who are close to retirement age, knowing the right time to take the plunge can be extremely confusing. As no one wants to retire before they’re financially able to, many people hold off until as long as possible before pulling the plug on their careers. While deciding when to retire isn’t easy, there are plenty of things to take into consideration that can make the decision easier and less stressful than it might be otherwise. If you can become confident about when is the right time for you, you’ll be able to enjoy the transition rather than worry about worst-case scenarios.
One of the hardest parts of deciding when to retire is determining whether or not you have enough money to last you for the rest of your days. While the specific number is different for everyone, the average person needs to have approximately $40,000 per year in order to live on. This can help to determine your retirement age. For example, retiring at the age of 50 would be unwise unless you have well over $1,000,000 in savings, which many people are unfortunately not able to say.
Many people don’t realize just how much of a lifestyle change retiring can be. The fact is, retiring after working for much of your adult life means that you’ll have to get used to a life without nearly as much routine. As a result, it’s extremely important to determine whether or not you are actually ready to retire, regardless of how much money you have saved up. For example, if you still enjoy your job, retirement may not be the best option. If you are ready for a change, however, retirement can make a world of difference in terms of your quality of life.