How Do You Know When You’re Truly Ready to Retire?
You may have heard that Tom Brady retired from the NFL. You may have also heard that his retirement lasted about 40 days and that he will now be playing another year for the Tampa Bay Buccaneers. He’s not the only person to go back on their retirement. However, it can be harder for many people to return from work if they change their mind about retirement. It helps to be sure you want to retire – but how do you know when you’re truly ready?
Your Feelings About Work Have Changed
One sign that you’re ready to retire is that you no longer find your work as interesting as you once did. What may have at one time felt like an exciting career may start to feel tiresome. This isn’t necessarily a bad thing – you may simply feel that you’ve accomplished everything you wanted to and are satisfied. This is something to celebrate and to recognize when you’re deciding when to retire.
You Want to Do Other Things with Your Time
Remember, it isn’t just about retirement from something; it’s about retiring to something. You may reach the point where you’re more interested in volunteering, getting more serious about a hobby, travel, or spending time with family and friends than you are in your job. Sometimes, people are worried about what they’ll do with all of their free time in retirement and are afraid they won’t be able to fill it up. If you know how you’ll spend your time and look forward to pursuing other worthwhile things in retirement, you may be ready to retire.
Your Finances Are Retirement-Ready
Feeling ready to retire is one thing – being ready is another. It’s important to have your finances in order before you retire and to have a comprehensive retirement plan in place. Know how you’ll replace your paycheck, how you may be able to minimize your taxes, how you will claim Social Security, and how you will pass wealth on to your loved ones. Many people are worried about running out of money in retirement and may even think they can never afford to retire. It can help to have a plan in place and to know where your retirement income will come from before you retire.
There are many elements of a comprehensive retirement plan, and we can help you create one that fits your unique needs. Everyone’s retirement timeline is different, as are their retirement goals. Click HERE to sign up for a time to meet with us at Barnett Financial and Tax to discuss your retirement planning needs and hear about our services.