When is it the right time to start?
Most of us work our whole life with the dream of one day retiring and spending our days traveling, practicing our hobbies or participating in activities we enjoy. We plan for retirement, both financially and mentally, and know that it will be a wonderful reward after a lifetime of hard work. But when is the best time to retire?
It may be a difficult decision to leave the working world and be confident that we are financially ready to forego our steady income. There are many factors to look at when deciding whether or not to retire – your family situation, your health, and your financial stability, among many others. If you’re getting close to retirement and not certain if you’re financially ready, you may want to consider working a little longer.
Thanks to better nutrition, quality medical care and a growing health consciousness, life expectancies continue to increase in America. Many Americans now live until they are 90 or 95 years old. That means the time you spend in retirement may equal or even exceed your working years. You may have to live 20 or 30 years without that regular paycheck. You have to make your nest egg last as long as you can. You should have a plan to make sure that you will continue to have an income stream throughout your retirement years.