Ready to Retire? Here’s How to Tell

1:28 pm Uncategorized

If anyone kept statistics on such things, Friday is probably the workday that has more people thinking about retirement than any other day of the week.  But being mentally ready to retire is not enough – you also must be financially ready.  Here’s how to tell:

Do you have a predictable income source? If you are already fully vested in your pension plan or 401 (k) and have reached the age when you can begin taking withdrawals, having a guaranteed source of income is an important sign that you may be financially ready to retire.

Do you have cash on hand? Having enough cash on hand to pay for initial retirement costs is another thumbs-up.  You don’t want to have to cash out your stock to pay for your living expenses.

Do you have affordable health insurance? If you are not yet eligible for Medicare, having affordable health insurance is key to a healthy retirement.

Do you have an estate plan in place? Having already done your homework in terms of estate planning and investment planning is important so that an unforeseen expense doesn’t totally disrupt your retirement plan.

Are you really ready to retire? Or did you just have a bad week or month?  Working longer will help you in a number of ways – you have more time to save and plan, and you put off touching your retirement savings, which means they will last longer.

A California estate planning attorney can help you determine the best time for retirement; contact our Newport Beach estate planning law firm for more information.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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