Work is something that society deems as a virtue in many ways, resulting in many people taking great pride in the work that they do. This phenomenon transcends all industries and class hierarchies causing many to have their sense of self being strongly identified with their profession and employment. For this reason, people find it difficult to finally throw in the towel and continue to work when they should do otherwise.
If you suspect you may be in this situation you are probably wondering how to know when you are really ready to retire. The following are some things to consider when determining if it is indeed time for you to start your golden years.
Finding a sense of purpose
Many people when they are working have much of their sense of purpose wrapped up in their employment. It is important to find some other sense of purpose in life to replace your profession when you finally decide to retire. This can help to mitigate loneliness which can be common during your golden years, since for many, most social interactions occur while at your job.
Therefore, be sure to give some thought as to what you want to do with your free time. This can mean volunteering, traveling, physical fitness, or some type of hobby. Once you figure out what you are going to be spending your time on you will be one step closer to being ready to retire.
Having a comprehensive financial plan
Another important aspect of preparing for retirement is making sure you are financially ready. Since you will no longer be working to earn an income, you will need to find some way to finance your daily living expenses and maintain your desired quality of life. This will mean creating a budget which maximizes whatever passive income you have coming in and capital you have accumulated.
This may include dealing with investment income, Social Security benefits, and managing assets. You will also want to consider what medical needs you will have as you start to get older. This means navigating health insurance options and potentially Medicare.
Consulting with a financial advisor can help you in the process of putting your finances in order with the objective of preparing you for a quality retirement experience. An experienced financial advisor will be able to customize a personal financial plan that is made particularly for you and your situation.
Overcoming fears and looking to the future
Coming up with a financial plan allows you to overcome ones fear of not being able to afford their desired quality of life during those golden years. Once that fear has been overcome, then it is a time for celebration and excitement for the future! Have you thought about what dreams you want to accomplish after retiring? Please give us a call to start a conversation! We welcome the opportunity to look at your situation and see how we can be of service.
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