Are you wondering when you should retire? It’s a great question to have. While there is an average retirement age, many people ignore the age range and instead, retire early or much later than what is considered average.
However, retiring too early or too late can have serious consequences. Retire too early and you might find yourself in a bad financial situation or feeling restless and unfulfilled. Retire too late and you might find yourself exhausted, in poor health, and having missed out on years of retirement perks and benefits.
For this reason, knowing the signs you need to retire is essential. By knowing the signs, you can leave the workforce at the right time for you, your family, and your situation.
If you have been seriously considering retirement but aren’t quite sure it’s time, this short and simple guide is for you.
1. You Are Financially Prepared
Perhaps one of the biggest signs you are ready to retire is you are financially prepared. Managing your finances after retirement can be tricky if you have not prepared to support yourself through your golden years of life. Ideally, you should have four times your annual salary to fund your retirement.
If you are planning to retire, make sure to check your eligibility for SSI benefits.
2. You Permanently Feel Burnout
One of the emotional signs it’s time to retire is feeling like you are permanently burned out. While working is necessary and common, certain working conditions and environments can make it bad for your emotional and mental health. If you dread going to work and find yourself feeling drained every day, it may be time to retire.
3. Your Health Has Started to Decline
Depending on the career you have chosen, working until you are 65 or more, might not be feasible. If your career involves physical labor, you may find yourself dealing with more and more health issues as you near the typical retirement age. If your health is on the decline, consider retirement.
4. Your Spouse Has Recently Retired
Sometimes, your retirement plan is designed to line up with the retirement plan of your spouse. This is usually pre-planned so you can make the most of your golden years together. While retiring with your spouse has many pros and cons, for the right couple, it can be a dream come true and a bright start to the years you will spend out of the workforce.
These Are the Signs You Need to Retire
If you are not sure of the signs you need to retire, this guide is for you.
If you are financially prepared and you want to retire, it may be a perfect time. Other signs it’s time to retire include a permanent feeling of burnout, and declining health. Sometimes, the decision to retire is as simple as following the timeline of your spouse or partner.
If you are experiencing any of these situations, retirement maybe your best option.
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