When Can I Retire?
Are you counting the days until you can say goodbye to the 9-to-5 workday? Wondering “When can I retire?” You’re not alone. Retirement is a major life transition, and knowing when you can comfortably retire is the first step towards a fulfilling and hopefully worry-free future. Your readiness for retirement depends on many factors such as your financial situation, your health, your lifestyle, and your goals. Now there’s no one-size-fits-all answer to the question of “when can i retire?” as it depends on what your unique retirement looks like. To get started you need to ask yourself some questions, such as:
- What does retirement look like for me? How much income will I need to make that retirement a reality?
- How much have I saved for retirement, and how long will it last?
- What sources of income will I have in retirement?
- What are my expected expenses in retirement? I.e., housing, health care, travel, or hobbies.
- What are the tax implications of withdrawing from my retirement accounts?
- How will inflation affect my purchasing power in retirement?
- How will I cope with the emotional and psychological aspects of retirement, such as finding meaning, purpose, and social connections?
Maybe your retirement involves travelling the world and crossing items off your bucket list, or maybe it’s enjoying more time with family and friends close to home. Either way, by answering these questions, you can get a clearer picture of your retirement readiness and make a realistic plan for your future.
Need a Financial Plan?
A financial plan is a comprehensive document that outlines your current financial situation, your short-term and long-term goals, and the strategies and actions you need to take to achieve them. It can help you prepare for retirement by helping you assess your retirement needs, identify potential sources of income, optimize your asset allocation, minimize taxes, and plan for contingencies. At Innovation Wealth we offer complimentary Financial Planning with a Certified Financial Planner through Aviso Wealth. With a financial plan prepared, you can approach your retirement with confidence.
Take Control of Your Retirement Plan
Let us help you create a plan that you can feel confident about for your retirement. Contact us today!
*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
