Reaching the required number of service years for retirement does not mean that you should sign those papers immediately. There are several more things to consider to determine if retirement will be agreeable with your current lifestyle. If you have the years and are considering retirement, these factors can help determine if it’s the right time for you.

Cash Rules Everything Around Me

Your finances are a major factor that will play a role in determining if it is a good time to retire. Budgeting will be crucial. Also, your debt will need to be under control. It would actually be best if you have no debt at all. However, if you do have debt, be sure that your income is solid and will be enough for you to live off of comfortably while still making payments.

Mangus Fiannce

Health Needs Wealth

One of the expenses you will need to make sure that you can afford is health insurance. If you’re not old enough to qualify for Medicare, you will have to pay for a health insurance policy out of pocket. That can be very costly. If you can afford a health insurance policy, along with your other expenses, maybe the time is right to retire.

The Pinsta

Let’s Get Physical

Aside from health insurance, your state of physical health also plays a factor in determining if it is time to retire. If you get to the point where you cannot physically fulfill your job responsibilities, that is a clear sign. However, don’t let it get to that point if you can help it. If your job is having a negative effect on your health, it may mean that it’s time to call it quits.

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Happy Partner, Happy Life

It is imperative that you talk with your spouse before signing those retirement papers. Retiring affects more than just you. It will affect your entire household. If your spouse is on board with your decision to retire, it will be much more enjoyable. If they’re not and they have valid reasons, it might not be the right time.

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An Idle Mind Is The Devil’s Playground

Being able to stay home with no obligations sounds great. However, it will get old quick. Don’t just retire because you can. Have a plan first. Make a list of things that you want to do! Maybe you want to travel more, start a business, spend more time with family, etc. Just be sure to have something on your agenda.

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