5 Signs You're Ready to Retire

PROFESSIONAL INSIGHT FROM PERSONAL CAPITAL

- Kyle Ryan

Many workers have a number in mind that will mean it’s time for them to retire. It may be a certain age or date. Or it could be once their savings reach a targeted amount.

But when you’ll really be ready comes down to more than just a number. The right time for you can also be when you have a plan on what you want to do during retirement and have a financial strategy that will see you through this next phase of life.

Here are five signs that you’re ready to move onto your next act.

1 You have a plan for your post-retirement life.

Most people spend time daydreaming about when they will retire. But it is equally as important to envision what you will retire to. Stepping away from a full-time career likely gives you eight to 10 hours a day of new-found free time. How will you spend that time, so you remain active and engaged?

People are often so focused on financial issues that they overlook this vital planning that’s key to a successful retirement. To find fulfillment, consider activities such as volunteering for a cause that’s important to you, working part-time at a job you enjoy, spending more time with family and friends, picking up a new hobby, or taking a class.