And one other reason to keep working
Being ready to retire means more than being ready to stop waking up at 6:00 a.m. to put in long hours at a job you’re not thrilled about. If it were that simple, most of us would retire at 25. What it really takes to retire is a solid grasp of your budget, a carefully considered investment and spending plan for your life savings, debt that’s under control, and a plan you’re excited about for how you’ll spend your days. With that in mind, here are 10 signs you might not be ready to retire yet.
- Your financial situation should be stable before you decide to retire.
- A detailed projection of your retirement income and expenses is key.
- Understand how taxes, inflation, and healthcare will affect your nest egg.
- If you’re still happily working, don’t let an arbitrary age determine when to retire.
1. Struggling to Pay Current Bills
It goes without saying that if you’re struggling to pay your bills with a paycheck from work, retiring won’t make things easier.