Have you ever laid awake on a Sunday night after a nice weekend and thought, why am I still working? Shouldn’t I be retired by now? Hi, I’m Jeremy Riggs, Certified Financial Planner with Base Wealth Management. It’s a common question, but when should you take it seriously? Working another year might add to your financial cushion, but time isn’t on any of our sides. Eventually, you have to take the leap. And if you answer yes to these six questions, it might not be time to do that.
Question one, have you been putting your life on hold? There’s an old saying that someday isn’t on the calendar. My friend likes to joke that a bucket list is just a collection of things we’ll never get around to doing. It’s easy to fall into the trap of thinking, I’ll work now and then I’ll enjoy my life later. But the truth is, none of us know how much time we have left. And if you’ve been dreaming about traveling or pursuing hobbies, now might be the time to reevaluate your priorities. Some people have figured out how to enjoy life while still working, but that’s rare. If you’ve been into life’s pleasures, it’s time to move on to question two.
Question two, is your health starting to suffer? As we get older, small health issues can become life altering. While they may seem like small annoyances now, a long career can eventually take a toll on your health. Things like sleep issues, high blood pressure, and even anxiety can pile up over time. Our modern world often encourages unhealthy habits, like skipping exercise, grabbing fast food, eating at your desk. If your health isn’t where you want it to be, stepping away from work can give you the space to focus on it.
Question three, is it impossible to reduce your workload? Some companies offer phased retirement or part-time options, but that’s not the norm. If your employer doesn’t offer that flexibility, you might consider moving to a part-time role elsewhere. However, these jobs may not come with benefits. Alternatively, you could stay in your current job, but maybe scale back. Maybe you’re going above and beyond at work, putting in extra hours for optics. If you’re not able to reduce your workload and it’s weighing you down, it might be time to consider an earlier retirement.
Question 4. Do you wish you had more time for loved ones? There’s only so much time in the day, and work takes up a big chunk of it. If you find yourself missing important family events, losing touch with friends, or feeling disconnected from people who matter, it could be time to shift your focus. Time with family and loved ones is one of the most meaningful parts of life, and if you’re feeling the absence of that connection, consider whether retirement could help you reclaim it.
Question 5. Do you know what you’ll do in retirement? I often ask clients, what does life look like when every day is Saturday? Many people work their whole lives, but when they finally stop, they aren’t sure what to do with themselves. If you don’t have a plan for how to spend your days, you may want to figure that out before making the leap. Retirees often feel lost or anxious if they don’t have a purpose. But if you already have a vision for your retired life, let’s move on to the final question.
Question 6. Can you afford to retire? This is where the math comes in. You need to sit down and calculate your savings, your investments, your social security benefits, and see if they will be able to support the lifestyle you want. If you haven’t already crunched the numbers, now’s the time to do it. With everything that goes into creating a financial plan, it can be daunting. The best way to get started is to work with a certified financial planner to build a personalized plan that considers all of your goals. Either way, don’t submit that retirement notice until you’re sure the finances are solid. Be sure to check out our extensive library of videos if you would like to learn more.
If you’ve answered yes to all six of the questions in this video, it might be time to start thinking seriously about retirement. But if you’re still unsure, that’s okay. If you’re curious about what retirement might look like for the average middle-class American, check out the next video to compare your situation. See you there.
