The decision of when to retire is one of the most important decisions you will make. The personal complexities of the retirement decision range from financial and personal to aspirational.
This video explores 7 reasons you should consider. If these apply to you, it may be time for you to begin the retirement process today.
1) Financial Security: Once you have achieved your financial goals and feel confident in your ability to maintain your desired lifestyle, you may choose to retire. Reaching a point of financial stability is a primary driver of retirement.
2) Social Security Benefits: You may choose to retire when you reach the age at which you can begin collecting the level of Social Security benefits you want. The availability of this additional income stream can make retirement more financially feasible.
3) Health Concerns: You may be having health problems. Retirement may be a way to prioritize your health. You may develop chronic health conditions that make it challenging to continue working. Retirement allows you to manage your health and enjoy leisure activities that promote well-being.
4) Burnout and Job Satisfaction: You may reach a point where you feel you have achieved your career goals and are ready for a new challenge. Retirement provides an opportunity to explore new ventures or hobbies. You may lack job satisfaction, whether due to a toxic work environment, a change in management, or a sense of being undervalued.
5) Family and Personal Life: You may choose to retire to prioritize family relationships, especially if you have spent years working long hours and missing important family milestones. Retirement provides you with the opportunity to care for aging parents, spend time with children or grandchildren, or pursue personal hobbies and travel.
6) Relocation and Lifestyle Changes: You may be unwilling to relocate for a new position. Or you may want move closer to family in retirement. Retirement can provide an opportunity for you to move to your dream location or downsize your living arrangements to reduce expenses and simplify your lifestyle.
7) Volunteer Work: You may retire to devote more time to serving on non-profit boards or supporting charitable causes you are passionate about. Retirement can provide an opportunity for you to engage in volunteer work and make a positive impact in your community.
The information contained in this Higgins Capital communication is provided for information purposes and is not a solicitation or offer to buy or sell any securities or related financial instruments in any jurisdiction. Past performance does not guarantee future results.
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