We’ve stressed on this website how important it is that you prepare adequately for your upcoming retirement. Ideally, one should be taking the first steps necessary for ensuring a fruitful retirement at the age of 60.
Circumstances could lead you to start later, but it doesn’t mean you retire later than 60 as well. It still boils down to your preparation. There are items that you should be paying close attention to when readying yourself for retirement, but that’s a topic for a different article. Instead, we’ll discuss how you can tell if you’re already primed up for retirement.
Without further adieu, here are five of the signs that indicate that you’re ready to retire and strike out on your own.
You Know What You Want to Do When You Retire
Retirement is a big leap of faith, but also a welcome change to your life. The moment you retire, you give yourself the opportunity to finally decide for yourself what to do with your time. Your life is back in your hands now, after toiling for years under the tutelage of an employer.
You’ll know what you want to easily because you have — presumably — set aside some cash for your retirement. You know how much you’ve got exactly to live with, and you can use this as a springboard from which you can plan what to do during your retirement. Expense figures are easy to find online, after all.
You can consider yourself ready when you’ve know what it is you want to do after your retirement, all of them within your means of course.
You’ve Identified Your Living Expenses
Your income will definitely snowball downhill, that’s a given fact. You lose your only monthly stipend after all. Unless you have done well to set some stuff up that can give you monthly pensions beyond your retirement, all you have to spend for yourself with is your retirement payout from your former employer.
How about expenses? Well, this one’s a wildcard. That’s because your expenses will depend entirely on you. More often than not, the lifestyle that you led while you were still an employee will still be the same when you retire. Take that into account when planning for your retirement. When you’ve already identified your living expenses, then it’s a sign that you’re ready to retire.
You’ve Invested in Insurance and Health Care
It’s one thing to get yourself some cash stashed away in preparation for retirement. It’s another thing entirely to have placed some money on reliable life insurance and health care plans. Getting sick when you’re a retiree is all too possible, especially since you’re at an advanced age already. Medical expenses will reduce your retirement quicker than your living expenses would.
When you’ve prepared for that, you’re ready to retire!
These three concerns should be your priorities when you prepare for retirement. When you’ve taken care of, all other concerns will fall into place. That’s when you know that you’re truly ready to throw in the towel when it comes to corporate employment.
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