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When is the Right Time to Retire? 5 Tips to Help You Make a Decision

When is the Right Time to Retire? 5 Tips to Help You Make a Decision

| December 10, 2019

Retirement is inevitable, but knowing exactly when to do so is often unclear. No matter when you actually
begin your retirement, you’ll benefit from planning your post-work life as early as possible. According to
Gallup, the percentage of Americans who expect to retire at age 66 or older has risen dramatically, from
21% in 2002 to 41% in 2018. People expect to live and work longer than ever, so it’s never been more
important to know when to stop working and how to carefully plan for the big event.

The Social Security full retirement age:
For persons born in 1960 or later, the Social Security= full retirement age is 67. You will receive 70% of
your monthly benefit if you retire at age 62, and 86.7% at age 65. However, you’ll get the maximum
monthly benefit if you wait till age 70. These milestones might be an important consideration if your Social
Security benefit will be a sizable portion of your retirement income.

Separate financial considerations from emotional ones:
If you’ve successfully executed your long-term investment plan, you might be financially prepared to retire
well before you are emotionally ready. Facing lifestyle changes at retirement might cause anxiety about
how your life will evolve and how you’ll spend your time. It’s important to objectively evaluate your
financial condition to support your decision-making, even as you contend with your feelings about

Many folks need more money than they think:
It’s virtually certain that life will offer you one or more surprises along the way. You might find you will
need more money than anticipated to fund a comfortable retirement. Creating a post-retirement budget
can give you a general idea if your retirement savings alone can sustain you. As you near retirement age,
it’s important to regularly review your savings plan to manage risk and help put yourself in a position to
save the maximum amount possible.

Retirement impacts small-business owners:
It’s not time to retire until you’ve worked out what to do with your business. If you plan to keep it in the
family, retirement means executing a succession plan involving relatives or partners who have the
knowledge and interest to keep your business going after you retire. Alternatively, you might want to sell
the business, which requires extensive planning and preparation. Once sold, your planning should spell out
how you’ll deploy your sale proceeds to support your retirement in the most efficient manner.

The common theme is planning:
Whether you want to retire at 55, 85, or any time in between, planning is the key to a happy life in your
golden years. As your financial advisor, it’s my job to help you periodically review your retirement options.
Call me today for a meeting to evaluate whether the time has arrived to wrap up your work life and start
enjoying your retirement years.

About Happiness Wealth Management:
Mike Duffy is the CEO of Happiness Wealth Management in San Carlos, California. He is the author of 5
books on happiness. He has a TEDx talk. He has guest lectured at Stanford University. He helps people be
happier with their money. If you have over $500,000 in liquid assets and would like to have a free
consultation about investing, please call Mike at 650-413-9435 or email him at
Our website is Take control of your wealth and be happier for it!
Call or email us today.

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