“When the alarm goes off early Monday morning and it requires every ounce of strength that you have to roll out of bed, you’re probably wondering if you could just hurry up and retire already.
But retiring early can have major consequences, and most people underestimate what and how much they’ll actually need to live comfortably.”
Are you ready to retire now?
Yes you are if…
1) You have no loans
2) You have a monthly budget and you know well how much you spend every month
3) You have stashed away money to take care of expected big expenses - like sending the kids to college or redoing the home or car every 5 years.
4) You have a reasonable health insurance cover apart from what your employers have given you
5) You have enough wealth - Now enough is subject to whether you plan to engage in economically productivity activities after you retire or not. Okay, in English, whether you plan to work somewhere else or do something on your own that can earn you money. If yes - 3 -4 years of expenses is enough. You are ready to retire.
If, No- then 25 times your annual expenses is a good number to retire in comfort. You won’t have to worry much about running out of money. But remember there are two parts to this equation - Your Wealth - Your expenses. You can work around with either of the two to ensure the numbers fit.
6) You have an idea what to do after retirement. Being ready financially doesn’t ensure you will enjoy retirement. You should be ready emotionally. Because retiring from an active lifestyle can shock some people, the lack of regular income, social approval, and action might put you on an emotional spin. So, if you choose retirement no because you want to avoid the Monday morning alarm, but because you are excited about something better to do - early retirement could be bliss.
You will know when to retire when you have enough — and when you have had enough! - said someone famous.
So, if you’ve had enough and also want to have enough… reach out to me. I can help you get there.