How to Know if You’re Ready to Retire
If you have been struggling with debt recovery for an extended period, it can be hard to know just when it’s time to retire and enjoy life. Let’s look at some signs that it’s getting close to time for retirement.
While it’s common for young people to dream of the age when they’ll be able to throw in the towel and settle into a leisurely retirement, as you age and work and grow, it’s easy to put off thoughts of retiring until the very end of your career.
What are some signs that you are ready to retire?
Your Debts Are Paid
One of the most important factors affecting your ability to retire will be your level of debt. If you still have an outstanding mortgage and a car loan, if you haven’t adequately prepared you may find yourself unable to retire until much later, if at all. It is going to be crucial that your debts are paid down to a manageable level (or completely) before you can even consider real retirement.
You Can Cover Your Healthcare
Many retirees rely on Medicare for all their healthcare needs. While it provides many critical services to older adults, it does not cover everything. Medical emergencies tend to be more frequent as you get older. If you are expecting Medicare to take care of every problem that arises, you will likely find your retirement fund drained before you know it. There are still affordable insurance options on the table like Medicare supplement plans and Part D prescription drug coverage. Both the supplemental plans and prescription drug plans are designed to be relatively affordable and serve to fill in the gaps that the basic Medicare coverage doesn’t include like copayments, deductibles and various costs. Of course, there is no way to know what emergencies you might face in the future but having adequate health coverage will be a major part of a successful retirement.
Your Children are Financially Secure
If you have children, you are aware that they don’t always get less expensive as they get older. They are likely to be, to a degree, dependent on you well into early adulthood, and sometimes unforeseeable circumstances require them to be dependent even longer. Once you retire, you will be on a fixed income. You will have your own unexpected expenses and having to be financially responsible for your children can have a significant impact on your own security. Talk with your kids and ask them about their plans for the upcoming years and let them know your own because communication is incredibly important.
You Can Stick to Your Budget
If you have trouble sticking to your budget during your working years, you are going to be facing real hardship come retirement. Once you are on a fixed income, unless you have ample savings there is not a lot of room for extraneous expenses. You will no longer be in a situation where spending a little extra here and there can be made up with extra hours at work. Learn to stick to your budget now while you still have a little wiggle room.
Getting out of debt is one of the main obstacles between otherwise eligible retirees and the future they’ve worked spent so long working toward. Take control of your finances today. CreditGUARD is here to help with credit counseling and debt management. If you’re currently living with a difficult credit card debt situation, give us a call at [cga-phone] and let our certified counselors help you understand how our debt management program can help you move toward freedom from debt while getting your various credit card payments down to one easy, affordable monthly payment.
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