When Can I Retire?

Sixty two has long been the age most people retire, but many people have experienced financial events over the past few years that will keep them working until the age of sixty seven or older. Working extra years is not necessarily such a bad idea if you need to build up more of a retirement nest egg. Take into consideration that if you work until the age of sixty seven you will have thirty percent more income to live on than at the age of sixty two, if you decide to continue on until the age of seventy you will have up to eighty percent more income. However, the question usually on people's mind as they enter into the later stages of their career is, Can I Retire? Several things should be taken into consideration when you make this important decision and a well-formed retirement plan should be in place.

The first factor is money. Do you have enough money to retire? If you have 12.5 times your current annual income saved in some form or another, the answer is yes. If you have a 50 contribution from personal savings plus a 25 contribution from Social Security, you will have 75 of your current earnings to live off of. Of course, this is an approximation, and unplanned monetary events should be budgeted for. No one wants to find themselves in a situation where their savings are not enough to maintain a comfortable lifestyle.

Other things to look at before deciding to retire are the affect on your loved ones, your investments, is this official retirement or semi-retired, the status of your Social Security, 401(k) rollover needed, health insurance options, a true assessment of your life expectancy, and a backup plan. Take the time to figure it all out, a well thought out retirement plan will allow you to utilize your resources in the best possible way. If retirement is not possible at this time, a plan will let you know what you need to get there.

Get more data on getting a 401k rollover at the author's website.

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