Elderly Husband and wife looking at laptop

As you start to approach age 62, thoughts of retirement occupy your thoughts.  When can I retire?

The answer to the question is very complicated.  There are many factors involved with making the decision to retire or continue to work. They are:

    1. 1. How is your health?  Does your family history suggest a long life?
    1. 2. Do you like your job?  Will you keep working part-time?
    1. 3. Are you married?  Will your spouse retire at the same time?
    1. 4. Do you have enough in a retirement plan that, when added to social security, will be enough to live on the rest of your life?  Does your retirement allow for you to retire now?
    1. 5. Do you need social security to maintain your standard of living?
    1. 6. If you retire before 65, will you have medical benefits or must you wait until Medicare starts?
    1. 7. Do you have hobbies or some activity that will occupy your time?

Along with these questions, you need to find the right time to start collecting social security.  That decision is based on many factors, if you want to maximize your benefit.

You should sit down with one of our advisers who can help answer these questions.  We have developed a retirement income tool that will show you how long you have before running out of money in retirement.  This tool is very valuable and you can change the assumptions to customize your personal situation.  Give us a call and we can show you how the tool works.