Ah, retirement. It’s the time when the years of hard work finally come home to roost. When sitting on the porch or by the beach are the only things you have to worry about when you get up in the morning. Or the afternoon – it depends on your schedule. To most people, it’s a positive step into the golden years of life. Still, because it’s something you want to do doesn’t mean you are ready. Like the Promised Land was for Moses, it could be years away. How can you tell? The following signs should come in handy. Fingers crossed!
You Own Your Home
When we use the term “own,” we mean it. Only agreeing to a deal with the bank isn’t ownership. To possess the property you call home, it needs to be mortgage-free. There are numerous reasons for this. For starters, it’s a perfect safety net should money get tight in the future. If the worst happens, you can rent out a portion of the house or downgrade. Also, it offers more flexibility. Without mortgage payments to consider, you can use the money to travel or to invest and make more. People who still owe the bank by the time they retire will find life harder.
You Need Life Insurance
Of course, anyone can use termlifeinsurance.co to take out a policy regardless of their age. But, there is a difference between need and want. Wanting a plan is good practice; needing one is a necessity based on your age. When you get to a certain age, things become clearer. Not to be morbid, but you realise that anything can happen at any time. The sooner you come to terms with it, the better. That way, you can provide for your family in the circumstances you are no longer around. The fact that you are in this space means you’re one step closer to retirement age.
You Have Enough Money
Some people would say reaching retirement age is a sign you are ready. Don’t listen because people work longer or retire earlier. For a typical person, it depends on their circumstances. For example, do they have to money to retire early or do they need to continue? Your answer to this question will provide a lot of insight into the future. Remember that earning potential lowers when a person doesn’t have a job. As long as your pension plans and nest eggs cover the costs, there is no reason to wait until you hit your 60s. If you are unsure, check out this guide on thebalance.com.
You Are In Poor Health
Retiring isn’t only about money. Your health is a major factor, too. Let’s face it; everyone wants to live for as long as possible. So, working in a job that puts your well-being at risk isn’t a savvy move. Indeed, 48% of an Angus Reid poll had to quit due to unforeseen health circumstances. No one can predict how they will age. So, there is nothing wrong with changing your lifestyle to live a happier, longer life.
If you can see these signs, retirement is a viable option.
Life as a grandma.. it's no 'quiet, restful days in the rocking-chair'. It's filled with activity, excitement and lots of family fun. Please share it with me.