There are obviously different circumstances that play out when it comes to deciding to retire. You might have been pushed out of the workforce. You may have decided, come hell or high water, you’re out of the rat race by age 45.
Or you might not have any idea when the ideal age to retire actually is, nor how you’ll know when you get there.This post, from NextGen-Wealth, explores a little bit more about when the perfect time to retire is, and some suggestions on how you’ll know when that time is.
There may be several points in your life that are ideal to pull the trigger on retirement, but when is best for you? As you approach retirement, you might be wondering, “Is there an ideal age to retire?” Of course, this depends on your unique personal and financial situation.
Like we mentioned before, you cannot pull the trigger on retiring if you’re not financially ready. Let’s tackle that first. Your current income should be slowly converted to retirement income over time.
The amount of money you need to retire depends largely on your estimated retirement expenses and other sources of income. Your expenses will change over time, but you can get a reasonable estimate based on current expenses.
Covering your home, healthcare, food, and utilities are 100% non-negotiable. Granted, you can cut back on some of these, but you need the basics to survive. These are expenses we must cover in any situation.