Deciding when to retire is one of the most important decisions you will make during the course of your life. It is one that should not be taken lightly or made hastily. Before you make the decision to call it quits and enjoy some well deserved relaxation, there are a few questions you should ask yourself.
- Have you done the math? Will you have enough money to support the daily cost of living, as well as travel plans you have been dreaming about and the unexpected twists life can throw at you? Putting together a simple budget is a good way to see where you stand.
- Are you maximizing your retirement contributions? After age 50 many retirement plans allow 'catch up' clauses that allow people to sock away some more money for use in retirement.
- How are your retirement funds doing? Take a look at where you have allocated your savings and see if it may need some tweaking, i.e. - become more conservative or more aggressive.
Steve Hicks & Mike Fahey
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).