28.6 million people from the Baby Boomer era are no longer working because they’ve entered retirement. Are you wondering what the signs are that you’re ready to retire?
We’re here to tell you about the signs that it’s time to stop working and enjoy the money for retirement you’ve saved throughout your professional career. Get ready to kick back and relax after you hear what we have to say about retiring.
You’ve Reached that Age
For some people retiring before 60 might sound tempting after you’ve been working for so long, but for more federal employees the minimum age for retirement is 59. Once you’ve reached the age of fifty-nine, you’re able to begin withdrawing money from your 401k plan.
If you choose to retire before this age, you can still withdraw funds from your retirement fund, but the thing to remember is that you might face penalties by withdrawing money early.
You’re an Empty Nester
For most people, the reason they work is to take care of children or other family members that are dependent on them. From the time you started contributing to your Publix 401k plan the funds continued to grow.
When you become an empty nester, you begin to realize you only have yourself to worry about. If this sounds like you it might be time to retire and start doing things you want to do such as going on an exotic vacation or buying the house you’ve always dreamed of.
You’ve Worked the Numbers
Failing to plan for retirement is one of the biggest mistakes you can make because you need to know how much you’ll need to live after you’ve stopped working. If you’re someone that’s taken the time to plan for retirement you’ve got a leg up on others.
You’ll know the cost of paying things like utilities and affording groceries, meaning you can retire when you’re ready. Everything needs to be planned out down to other sources of income you might have coming in once you stop working.
Your Partner Says Go For It
If you’ve been working and decided, it’s time to retire the first thing you need to do is speak with your partner. Speaking with your partner will give you an idea of how things will change financially and if it’s possible.
Remember this decision will affect their lives as well. You both should be ready for your retirement otherwise it won’t be as relaxing as you want it to be.
Are You Ready to Retire?
If you’re ready to retire there are several signs that it’s time to take a break. One sign is that you’ve reached that age to retire while another is you’ve had a conversation with your partner and decided to go for it.
We hope you’re ready to kick back and enjoy some much needed off time. Since you’ve got free time on your hands don’t forget to scroll through some of the other posts in this section.