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10 signs it time to retire...
When should i retire quiz
How To Tell Whether It's Time To Retire
Deciding when to retire is one of the most difficult career decisions a worker can make. Employees are often earning their maximum income at the point of retirement, so the financial implications of retiring too early can be profound.
Careful planning about the transition from full-time employment to retirement can enhance your chances of making a smooth adjustment. There are many elements to consider before making a final decision.
Before you decide to retire, consider your:
- Job satisfaction
- Physical/mental ability to work
- Financial stability
- Health care coverage
- Life satisfaction
Key Takeaways
- Retiring too early can have serious financial consequences, especially if you are not yet eligible for Medicare or Social Security.
- Plan to save at least eight times your salary by age 60, and at least 10 times your salary by age 67.
- Budget for health care costs; the average couple who is now 65 will need $295,000 to cover medical costs in retirement.
- Many retirees start with a "soft" retirement, in which they scal
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