How Do You Know When You’re Truly Ready to Retire? BML Wealth

You may have heard that Tom Brady retired from the NFL. You may have also heard that his retirement lasted about 40 days and that he will now be playing another year for the Tampa Bay Buccaneers. He’s not the only person to go back on their retirement. However, it can be harder for many people to return from work if they change their mind about retirement. It helps to be sure you want to retire – but how do you know when you’re truly ready?

Your Feelings About Work Have Changed

One sign that you’re ready to retire is that you no longer find your work as interesting as you once did. What may have at one time felt like an exciting career may start to feel tiresome. This isn’t necessarily a bad thing – you may simply feel that you’ve accomplished everything you wanted to and are satisfied. This is something to celebrate and to recognize when you’re deciding when to retire.

You Want to Do Other Things with Your Time 

Remember, it isn’t just about retirement from something; it’s about retiring to something. You may reach the point where you’re more interested in volunteering, getting more serious about a hobby, travel, or spending time with family and friends than you are in your job. Sometimes, people are worried about what they’ll do with all of their free time in retirement and are afraid they won’t be able to fill it up. If you know how you’ll spend your time and look forward to pursuing other worthwhile things in retirement, you may be ready to retire.

Your Finances Are Retirement-Ready 

Feeling ready to retire is one thing – being ready is another. It’s important to have your finances in order before you retire and to have a comprehensive retirement plan in place. Know how you’ll replace your paycheck, how you may be able to minimize your taxes, how you will claim Social Security, and how you will pass wealth on to your loved ones. Many people are worried about running out of money in retirement and may even think they can never afford to retire. It can help to have a plan in place and to know where your retirement income will come from before you retire.

 

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Investment Advisory services offered through Cooper Financial Group, an SEC Registered Investment Advisory firm. Cooper McManus is not affiliated with West Wealth Group, LLC. Investment advisory services may also be offered through West Wealth Group, LLC, an SEC Registered Investment Adviser. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.

The commentary on this blog reflects the personal opinions, viewpoints, and analyses of BML Wealth Management’s employees providing such comments and should not be regarded as a description of advisory services provided by West Wealth Group, LLC. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.

Investment advisory services through West Wealth Group, LLC, an SEC Registered Investment Adviser. BML Wealth Management and West Wealth Group, LLC are affiliated entities. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.

We do not provide tax or legal advice. All individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products.