Wondering how to pick a retirement date that will work the best for your retirement future? Read on to learn more about the factors you need to consider when deciding when to retire.
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updated September 1, 2023 · 4min read
The idea of retirement can be both exhilarating and terrifying. There's the excitement of being able to lead a more relaxed life after so many years in the workforce, but having sufficient funds available for a comfortable retirement can cause a lot of anxiety and worry.
How much do you need to have in the bank, and what strategies should you have in place? Learn more about the factors you need to consider when deciding when to retire.
The question of when to retire might be at the top of your mind when it comes to planning for your retirement. After all, it can be difficult to be confident that your savings will be able to see you through the duration of your retirement.
The following tips, however, should help you deal with selecting a date even though so much about the future remains uncertain.
Renfro notes that being retired doesn't have to mean you need to abruptly stop working, either. A hobby job or part-time employment can be particularly rewarding in non-financial ways. "Of course, the continued income is helpful too, but mental wellbeing is an important element of a happy retirement," he says. "Many retirees struggle with the sudden change, and staying engaged could help you enjoy retirement much more."
Chopra agrees it's important to enjoy your retirement. Whatever the ideal retirement life looks like for you, enjoy it. "I remember my clients thinking I would 'scold' them for taking money to go on a much-desired vacation," he says. "Absolutely not! I love when my clients use what they have worked so hard to amass. Having young children, I have a keen understanding [of] how difficult building wealth truly is. Watching my clients enjoy what they have worked hard for is more rewarding than I ever thought it would be."
Picking an ideal retirement date can be a challenge—after all, it's difficult to be completely certain about what will happen in your future years. But by putting thought right now into what you want your retirement to look like and the funds you need to sustain your desired retirement lifestyle, you can more confidently work toward a retirement date that will realistically work for you.
by Belle Wong, J.D.
Belle Wong, is a freelance writer specializing in small business, personal finance, banking, and tech/SAAS. She ...
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