Article | 2:19 min read

When is it the Right Time to Retire?

Life Events

Retiring is something you work for during your entire career. But when is the right time to leave your job, and more often than not, your lifetime career and begin the new chapter of your life?

A couple discussing retirement options

Your finances are in order.

The first step is to make sure you actually have enough money to sustain yourself, and possibly your spouse, for the rest of your life. Examine your retirement savings and the amount of debt you still owe. Figure these numbers into what you expect to pay monthly for bills and various excursions. If you can, give yourself extra wiggle room so that you can go on a last minute weekend adventure if the opportunity arises. Bankrate suggests that once you set your monthly allowance, you live under these regulations for six months. It also mentions that you should figure inflation into your budget to help prepare for economic changes [1].

You are ready emotionally.

There are a lot of resources to make sure that you are financially prepared to quit your job, but think about the changes that are going to go on inside your head. Going from a stressful week of working every day, to having everyday as a “weekend” may cause more conflict than you expected. Start thinking about hobbies or other activities that you want to participate in. You will find yourself with so much free time that you may begin to feel useless. Try to have activities planned that challenge you both mentally and physically so that you maintain your edge and don't feel bored with life in retirement [2].

Your children can fend for themselves.

If you have kids in the picture, make sure they are financially independent before you cut off your large supplier of cash flow. If you have children or parents you are caring for with special needs, check your finances to make sure their expenses are configured into your budget [1].

You and your spouse are on the same page.

If your spouse is already retired, you will need to discuss future plans with them. You can't expect to go home and completely change the day-to-day routine of your spouse. Talk about hobbies that you both wish to pursue and trips you want to take. It's alright to plan activities that you will do separately, since it's important to maintain your independence. If your spouse isn't retired yet, you may have more freedom. You can do things around the house or go help out the community. Just make sure you figure out what you're going to do with all your time [3].

Where you may have your life in retirement planned or just simply want to wing it, this newfound time may catch you off guard, so just be sure you are prepared. Most of all, enjoy this time that you have earned.


[1] 6 signs that you are ready to retire early, Bankrate
[2] 5 Signs It's Time To Retire, Investopedia
[3] When is the Right Time to Retire? U.S. News


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