3 Indicators You’re Ready to Retire
January 13, 2022
JANUARY 13, 2022: If your nest egg is rapidly growing, you’ve reached a comfortable point in your career, and you’ve started to daydream about your golden years, you may be wondering how to know when its time to retire. Although everyone’s personal milestones and long-term Retirement Strategy may look different, there are a few common indicators that could help you feel certain that you’re on solid ground and can enter retirement soon. If the thought of leaving your nine-to-five and pursuing your dream lifestyle has been on your mind lately, take a look at these top signs you are ready for retirement.
You Feel You’ve Accomplished Your Major Career and Personal Goals
Once you retire, it may be difficult to re-enter your line of work. That’s why you should make sure that you’re happy with all you’ve accomplished in your career before retiring. Additionally, there may be some emotional factors and personal goals to take in mind. You may feel prepared to retire if you’ve already attained:
- Professional positions or promotions you wanted to achieve
- Personal or emotional milestones you wanted to reach
- Certificates, degrees, or other educational measures that you wanted to complete
- A certain income bracket or area of prestige that you wanted to get into
- Any other lifelong goals you had that you wanted to reach before you retired
You’re Financially Prepared To Live Without Regular Income From a Job
Ensuring you can survive retirement without regular income from a steady job is perhaps one of the most telling signs of retirement readiness. You may be financially prepared to leave your job when you have:
- Enough savings and/or enough streams of income to cover your basic expenses every month for as long as you estimate you will be in retirement
- An adequate cushion to keep you supported and allow you to keep paying your bills in case of a sudden (and costly) emergency
- No debt or very little debt that your monthly retirement income streams can comfortably pay off
- A paid-off home or another place you know you can live for the foreseeable future
- A health insurance plan that covers your basic medical necessities
You Have a General Plan for How To Spend Your Retirement Years
In addition to fulfilling professional and personal milestones and having an adequate nest egg in the bank, it’s important to have an idea of how you wish to spend your retirement years. Make sure you have a general plan for:
- What city, state, country, and home you want to live in
- What locations you want to travel to
- How much of your retirement income you want to spend
- How much luxury you wish to indulge in
After working on fine-tuning your Retirement Strategy for years, saving up as much money as possible, and daydreaming about your golden years, you may have started to think seriously about retiring in the near future. These three indicators could demonstrate you're ready for the next phase of life.
About 1891 Financial Life
At 1891 Financial Life, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.