Are You Ready for Retirement?
A retirement survey is a great way to see where you are financially and how close you are to retiring without financial stress. Although this survey is certainly not intended to replace the guidance of an expert, it can provide you with a big picture idea of where your financials are, what you need to do to improve or maintain them, and how close you are to retiring with ease. Once you complete the survey, be sure to get in touch with Momentum Wealth Management for the professional advice and wealth management that you need.
Retirement sounds amazing to most people: sleeping in, relaxing during the day, and completing projects you’ve been putting off. Maybe you want to travel or spend more time with your grandkids, or perhaps there’s a hobby you enjoy that you haven’t been able to do because of work-related obligations.
But deciding to retire is a much bigger decision than many people realize. Even though many retirement benefits kick in at age 65, not everyone is ready to retire at that age. In fact, the majority of Americans have significantly less money saved than what’s recommended for their age group, leaving them less than prepared for retirement when they enter their 60s.
What to Consider When Deciding About Retirement
If you’ve been saving for years and feel like you might be ready to retire, you have a lot to consider. The last thing you want is to go through the process of retiring only to find that you can’t really afford it, leaving you to begrudgingly return to work or constantly struggle to make ends meet.
There is a lot to take into consideration when you’re exploring the possibility of retiring.
- Are you able to currently pay your bills without things being tight?
- Do you have a lot of debt?
- Do you have substantial savings for potential future expenses?
- Do you know how much you’ll get from social security?
- Do you have a monthly budget and financial plan in place?
- Have you accounted for changes in cost of living and inflation?
Although not every one of these questions will lead to postponing retirement, all of these things do need to be addressed, regardless of how you answered each question. Financial security and a sound retirement strategy are not things that just magically occur by good luck or happenstance. Careful planning, expert advice, and wise decisions will all merge to set you up for optimal success in retirement. Having a professional financial planner by your side now and into the future will help you know when the time is right.
When Should I Not Retire?
There are a handful of reasons you should not retire yet, and most of them are financial. If you are struggling to make ends meet on your full salary, if you aren’t old enough to collect additional financial benefits that you anticipate needing, or if you simply don’t have enough saved, you should revisit the idea of retirement in the future. In the meantime, you should speak with a financial expert who can help you set goals and strategically work toward them to get closer to retirement.
Additionally, if retirement makes you nervous or you still really love your job, then you don’t need to rush into anything. Even if others are suggesting it or it’s been recommended, it’s important that you’re comfortable with the timing and preparation behind your retirement. Some people work well into their 70s and 80s simply because they love what they do. There is no problem with that whatsoever. It’s still a great idea to have a retirement plan in motion should you ever need to utilize it, but if you’re not ready to leave your job just yet, don’t feel like you need to retire now.
Consult with Momentum Wealth Management
If you feel pretty confident that you’re ready for retirement but still want an expert opinion, get in touch with Momentum Wealth Management. Even if you know you’re not ready for retirement or if our survey suggests that you’re not and you disagree, it’s best to talk to a financial advisor to cover all your bases. If you’re not quite prepared to retire, we can help you get there. If you are ready to take that leap, we can assist you with wealth management, investments, and more to help you maintain your financial integrity.
No matter where you are in life, in your work, and in your finances, we are committed to helping you take an honest and analytical look at your financial health, your investment portfolio, and more. Consult with Momentum Wealth Management today to get on the road to a better financial future.