I’m 62, and I haven’t set a retirement date yet. How do I know when it’s the right time to pull the trigger?
From Yahoo Finance: 2025-04-09 06:22:00
Deciding when to retire is a big decision. After a long work history, you might be considering it due to age and Social Security benefits. But retiring too early or too late has its own set of challenges. Consider factors like Social Security benefits, health insurance, and financial readiness.
Health care costs alone can amount to $165,000 in retirement. With Medicare eligibility at age 65, early retirees may face hefty insurance costs. Finances are crucial too, as many Americans lack retirement savings. Debt and annual income from savings also play a significant role in determining retirement readiness.
Non-financial aspects of retirement, like finding purpose, are equally important. A recent survey found 63 to be the ideal retirement age, with many retiring earlier or later than planned for various reasons. If you’re unsure, seeking guidance from a financial advisor can help you make a confident decision.
Consider how you feel about retiring versus working. If you enjoy your job and want to boost savings, working longer may be beneficial. On the other hand, if your job causes stress or if there are things you want to do in retirement, retiring sooner could be the right choice. Seek advice from a financial professional to make an informed decision.