When Is The Best Time To Retire?

This question has been plaguing workers from the time they feel that they have put in an increasing amount of time at a job. You usually look around one day and find out that you’re the oldest worker. Then you wonder if now is the time to retire, however there’s a small problem with that thinking.

Do you have to have a plan?

Hoping-for-the-best-is-not-a-plan

 

 

 

 

 

Most and I mean the vast majority of individuals can’t just declare one day “hey I’m going to retire tomorrow” and just walk out the door. The problem is “what are you going to survive on tomorrow and the rest of your life”? You see you worked all of those years for money to buy you things like food, shelter and clothing along with flat screen TV, automobiles, and tickets to ball games and theater, flights to exotic locations, etc. Now when you retire that pert of your life doesn’t just end. You’re going to want to keep it going to a degree.


1. How much money is enough?
This is the hardest question that can stump any man or woman. You need to calculate first how long you think you’ll be around and multiply that by how much a year you need to live comfortably. You’ll also need to add “Murphy’s Rule” to this which is “whatever can go wrong, will go wrong”. Next you need to look at your household. Do you have a spouse? How about any dependent children, parents or relatives? Are there any pets? What about organizations that you’ve pledged your life to? All of them now up the figure you started with to just think about this plan. Hey, what about a mortgage on a home or extra property? How about loans that you currently have and commitments to entertainment or travel? Yep, all of them need to be included too. Are you starting to see that there’s more to this than just a quick thought that bounces through your head?


2. What is the right age?
You know that question is as hard as the money question. There are a number of things to consider when you approach “retirement age”. First, what really is retirement age? The United States Social Security says that the age of 62 is a retirement age. That is the time you are eligible to withdraw funds from that program (provided you paid into it) for the rest of your life; however, they don’t make things quite that easy. It’s stated that you can withdraw retirement funds at 62, but they consider age 66 as “full retirement”. Then they also compute the age of 70 as a goal to shoot for that gives you more money than if you started withdrawing at 62. The second thing to consider is; how do you feel? If you’re not doing so well and know that you have limited days left than retirement right now makes much more sense that waiting and never collecting. Third, what is your family history? Do you come from a long line of those that made it to 100 years old, or is the matriarch of the family just 63? All of the questions just make this a crap shoot. You are just guessing at best and that’s really what retirement planning is.


3. Is it really a gamble?
To most I would say yes, but to those that reach a happy retirement it wasn’t. You see you need to find that point in your life where you are physically well enough to do things you want to do and enjoy it with whoever is in your life with you. Have enough money, whatever that is to live close to the life you want to live without making huge sacrifices. And lastly to take into consideration that you will get older and need more things from the medical community. You’ll be less mobile, less active and maybe even not be able to care for yourself. So my advice is to look into a way to keep a constant stream of money coming in so you can retire while you feel relatively young. To do this is to look at building an online business and doing it in the comfort of your own home.

About The Author

Thomas

A husband, father, brother, uncle and cousin to a great group. I'm an budding entrepreneur that has interest in making money that will sustain deep into retirement. At this point in my life I see no reason why I shouldn't get my piece of the pie.