Article

Five Questions to Ask as You Consider Retiring

Five Questions to Ask as You Consider Retiring

Normal retirement age used to be 65, but things are different today. So how do you know when you’re mentally and financially ready for it?  There are many things to consider before making this great change in your life. Here are five questions to help you examine your own unique circumstances to find out how, when and if you should retire.

June 9, 2023
Five Questions to Ask as You Consider Retiring
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

You might be thinking about retiring, but how do you know when you are really ready for it, mentally and financially? For decades, the normal retirement age was 65. This was when you became eligible for Social Security and Medicare. But things are different today.

Answer these five questions to find out how, when and if you should retire:

How do you replace the relationships you have at work?

When you retire, those you hang out with while working may disappear from your life. This isn’t a good or bad thing, it just is. When you’re off the radar screen of others, they often forget to call. Before long that forgetfulness becomes an embarrassment.

When that happens, it’s just easier to let you fall away. Will you make the effort to try new activities where you can meet others, and plan activities to maintain your existing relationships?

Can you afford it?

Do you know how much you need for living expenses when you retire? Where does your monthly retirement income come from? Is it enough? If you’re concerned about whether you can afford to retire, you might also want to think about work in retirement, probably a part-time job that matches your interest.

What do you depend on?

There’s a very good chance you have 25 or 30 years of life ahead of you. You might not be able to work when you are older and less healthy. That means you need savings to help you get through those years. Do you have an emergency plan? Do you have the money to pay for huge medical bills and health-care expenses?

Do you even want to retire?

Before taking the leap, make sure you don’t have seller’s remorse – when you get rid of something, you want it again. Spend some time thinking about whether retirement is right for you. Are you interested in continuing to work at a job you love?  Is it possible for you to arrange your work so that almost everything you do is a lot of fun? If you work for yourself you can do that too.

What to do with all that free time?

Many people retire only to find that they’re bored. You might want to think about what you always wanted to do but either couldn’t afford it, or didn’t have the time.

Many believe that once we reach our adult years, we have at least three careers in us. The first is a learning career. The second is when you get to apply what you learned. The third career is something that you want to do just for fun. Do you have your just-for-fun ideas lined up?

Other content you may like

  • s Your Portfolio Music to Your Ears?

    Is Your Portfolio Music to Your Ears?

    September 1, 2023
    The concept of making music is similar to the challenging aspects of managing finances in today’s economy. Decisions about the various financial instruments that can be used for your particular objectives and your risk tolerance can come into harmony through guidance from a professional financial advisor.
    Read this Article
  • Five Questions to Ask as You Consider Retiring

    Five Questions to Ask as You Consider Retiring

    June 9, 2023
    Normal retirement age used to be 65, but things are different today. So how do you know when you’re mentally and financially ready for it? There are many things to consider before making this great change in your life. Here are five questions to help you examine your own unique circumstances to find out how, when and if you should retire.
    Read this Article
  • male financial expert on video thumbnail

    Video: Solve It – Preparing for Change

    January 5, 2020
    The old model of simple diversification using US Stocks and Bonds may need to be expanded into a more diversified approach. Strong Valley takes each client situation into account and implements more complex strategies and models where applicable.
    Read this Article
  • APR Student of the Market image

    Interest Rates Swung Dramatically

    April 26, 2023
    This end of the month Market overview looks at the dramatic swing in falling interest rates and how it affected market volatility. It also includes data showing how U.S. stocks have persevered through financial crisis and bank failures. Plus a new look at Money Market and Bond Fund flows.
    Read this Article
  • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    phone-handset