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You’ve thought about retirement all your life and the moment is almost here, but are you ready for it? If you’re not sure if you should retire or not, here are a few ways to help you decide if you should call it a career or continue to work for a few more years:

1.     You’re Financially Set

All your work life, you’ve probably started to get ready for retirement by investing, saving and adding to your 401(k) or other retirement accounts you might have. To tell if you’re truly read to call it quits on your 9 to 5, you’ll have to consider if you’re financially set for the lifestyle you want to live after you retire. Before you say goodbye to work, you should thoughtfully figure out what type of lifestyle you’d like to live for the rest of your days to see if you can financially support it. Sometimes, you might have to put in a few more years to be able to retire in Miami Beach with your spouse like you’ve always wanted.


2.     You Have A Budget For Retirement

Before you retire, you’ll have to create a realistic estimate of what you think you’ll be spending. This retirement budget should be made within 10 to five years of retiring so that you can accurately plan what bills you’ll still have and how you’ll want to live. It should include any costs you’ll have and should reflect your actual spending versus projected spending, with any major factor changes taken into account before you actually retire to see if you should do it or not.


3.     From Savings Into Regular Income

Once you retire, your nest egg that you’ve been saving for will become your regular income. And you’re going to want to come up with a specific plan on how to turn your savings into monthly income. You’re not going to want to blow through your savings too fast, which is why a plan will help you stay afloat for a while. Many start with a modest withdraw and then adjust for inflation each year.

Posted 11:22 AM

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