Planning for retirement is exciting—who doesn’t look forward to the day when they no longer have to work? But planning for retirement also requires, well, planning. If you’re ready to retire from your company but have questions about what that actually looks like, our retirement planning professionals at Harvest Financial Planning, LLC can help. Reach out to us today to learn more.
When’s a Good Time to Retire?
The right time to retire depends on many different factors—there’s no “right” age to retire for every person; each person and situation is unique. Factors to consider when thinking about the right time to retire include:
- Your age
- How much money you have saved
- How retiring will impact your Social Security retirement benefit
- What you want your life during retirement to look like
- The value of your debts
If you feel ready to retire, then the next step is thinking about preparing for retirement.
How to Prepare for Retirement
If you’re getting ready to retire, it’s important to make sure all of your ducks are in a row. Here are some ways to start preparing for retirement:
- Create a budget. The first thing that you should do if you are getting ready to retire is to create a very strict budget. It will be important that you understand all of your costs and how those compare to your expected retirement income. Make sure to budget for unexpected expenses—having an emergency fund is still important!
- Familiarize yourself with your options. The next thing you’ll want to do is get really clear about your options. For example, if you’re going to retire now, does it make sense to start claiming your Social Security retirement benefits, or should you wait in order to secure a larger payout amount?
- Be prepared for the unexpected. It’s important to make sure you’re prepared for the unexpected. If you haven’t already done so, you should consider disability insurance, life insurance, and long-term care insurance policies.
- Meet with a retirement planning professional. Finally, you can gain peace of mind and make sure you’re prepared to retire by meeting with a retirement planning professional.
Working with a Retirement Planning Professional from Harvest Financial Planning, LLC
At Harvest Financial Planning, LLC, we are passionate about providing retirement planning assistance to clients like you. Before you retire, make sure you have everything lined up for your financial success. To learn more, call our professional team directly or send us a message online. We look forward to meeting with you!
This material was prepared for Harvest Financial Planning’s financial advisor use.