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How do you know if you are ready to retire?

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Signs you are ready to retire

How do you know if you are ready to retire? The signs of retirement may be easy for some to recognize, but others may need a little push to let them know when to retire.

Here are some signs to let you know if you are ready to retire!

1. Are your savings ready to retire?

    One of the biggest worries that many potential retirees have is whether or not they have enough money to retire. You need to make sure that your retirement savings can withstand any potential hits (such as a medical emergency, inflation, extended long-term care, etc.). There is no magic number for how much money you should save for your retirement, but it is a good idea to factor in things such as your standard of living (your personal expenses), remaining debt and your pre-retirement income.

2. Your kids are financially independent.

    It is every parent’s dream that once their child leaves the nest, that they learn to fly on their own. Basically, you hope that your children are able to become financially independent to support themselves and their own families. Retiring with kids who are not financially independent may be difficult, as you need to factor in potential college costs, which can be very expensive!

3. Your debts are paid off or nearly paid off.

    A big warning sign that you are NOT ready to retire is that you still owe money to your creditors. Paying back your debts can dig deep into your retirement fund. You want to make sure that you are able to maintain your bills and expenses, such as food, utilities, taxes and you want to be sure that you are able to afford your retirement goals, such as the vacation that you have dreamt about throughout your whole career.

4. You are emotionally and mentally ready to retire.

    It’s a no-brainer that you need to be financially ready to retire, but most people forget that it is important to be emotionally and mentally prepared for the new journey that you are about to embark on. While some people are ready to have plenty of free time, others might feel more comfortable staying busy. Make sure that you are doing everything you can to make sure you are mentally and emotionally prepared for retirement by making plans for what you want to do, such as volunteering, joining clubs, working part time, etc. Talk with your spouse and family about your retirement plans. If you and your spouse have different retirement goals, make sure to discuss each other’s plans to help prevent tension.

5. You’re making plans for your retirement.

    Are you spending your mornings daydreaming about sailing all day instead of working? Have you developed a wanderlust and have travel brochures and posters cluttering your cubicle? Is the urge to relax tugging at you harder and harder as time goes on? They may be signs that you are ready to retire. You feel that you have done everything you can career-wise, your home is paid for, and your kids are finally out of the house. Maybe all the daydreaming that you are doing is a sign that you are finally to retire.

Only you can determine whether or not you are ready to take the plunge into retirement. If you feel you are ready to retire, and are looking for alternative ways to supplement your retirement income, you can look into reverse mortgages as a financial tool during your golden years. To learn more about reverse mortgages and how it can benefit you, speak with an advisor at 1-888-808-8486.

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About the Author:

I have been working in the reverse mortgage industry for 20-plus years. My goal is to provide consumers the most up-to-date and relevant information about the reverse mortgage industry and how it can affect them.

Thanks for reading!

-Alan F.

Image courtesy of [Stuart Miles] / FreeDigitalPhotos.net

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