When is the right time to retire? That is a very complicated question that can have several variables in the answer. While some people continue to work well into their 70s, either by choice or by necessity, most people have plans to retire at some point. So when is the right time for you?

Questions to Ask Yourself

If you are looking for an answer as to when to retire, you might want to begin by asking yourself the following:

  • How long do you and your spouse foresee being alive after retirement?
  • What will the costs of living be in the near future and 10, 15, 20 years down the road? How will inflation and cost of living increases figure into this?
  • Where do you plan on living? Are you going to downsize our home, continue to live where you are or travel? Do you have enough to cover assisted living or nursing home care?
  • What is your current rate of return on your retirement investments? How will drawing on these funds affect future funds?
  • Will you fully retire, continue to work part time or full time in retirement?

Knowing the answers to these questions may not be possible. Nobody has a crystal ball. However, as you look to the future and when to retire then having these questions in mind can help guide your decision as to when is best.

If you need legal assistance in planning for retirement contact Stano Law group today.