Can I retire? This is an important question to ask before you decide to leave the workforce. Far too many seniors end up struggling to live on meager retirement savings. You cannot necessarily count on your Social Security to provide you with enough income to afford to live comfortably during your golden years. You also need to ensure you have made smart plans to address not just financial issues but a variety of other issues that can arise when you are no longer working.
Nirenstein, Horowitz & Associates can offer you advice on the retirement planning process throughout your working life and can help you to make informed decisions about when and if you are ready to retire. You owe it to yourself to talk with a Connecticut retirement planning lawyer and to ask the question, can I retire?, before you leave your job and end up facing hardship as a senior. Give us a call to find out more about the ways in which we can help you to make smart choices when it comes to enjoying your retirement.
Can I Retire? Four Signs the Answer is No
If you are wondering, can I retire, you need to consider your finances and some other key factors. Four key signs that you are NOT yet ready to give up the working world include the following:
- You don’t have enough saved: You want to have enough money saved that you will not run out of cash to live on before you pass away. People are living longer, so it is becoming more important than ever to have a healthy nest egg before you leave the workforce.
- You don’t have a plan for medical insurance: If you are not old enough to qualify for Medicare, you need to think about how you are going to be covered once you leave the workforce. You may be able to stay on a policy offered by your employer under COBRA, but this can sometimes be expensive so make sure you find out about costs and coverage before you retire.
- You haven’t figured out what to do during retirement: You don’t want to retire and spend your life bored and aimless. Have a plan for what you want to do once you have retired so you can keep busy and active.
- You haven’t yet talked with a retirement planning lawyer: You should get legal advice before making the decision to retire because this is a big decision that it is hard to go back from. Once you leave the workforce, it can be hard to get hired again… especially if employers are reluctant to hire an older person who has been out of the profession for a period of time. You may also get too old to actually work and will be in serious financial trouble if your money runs out.
You should be able to make the choice of when you want to retire and not have to worry about money issues holding you back. Working with a Connecticut retirement planning lawyer is the best way to make that happen.
How to Make Sure You Are Ready for Retirement
Investopedia warns that most older people are dangerously unprepared to afford retirement. According to Investopedia, the average amount of money saved by people aged 55 to 64 is $104,000. If this is all you have saved, you will have an income from savings of just $310 monthly. This isn’t enough, even with the average Social Security payment of $1,341.
You need to make sure you aren’t in a position where you cannot retire because you are lacking in funds. You should talk with a retirement planning lawyer early on in your career to get advice about investing in 401(K)s, IRAs, and other retirement accounts that give you tax breaks for savings. Your retirement planning lawyer can help you to make a comprehensive plan so you can retire when you are ready, without a lot of worry about how you will support yourself.
Getting Help from A Connecticut Retirement Planning Lawyer
Nirenstein, Horowitz & Associates is dedicated to helping seniors prepare for retirement so they can be financially secure and not have to spend their golden years worrying about running out of money. To find out more about how a Connecticut retirement planning lawyer can assist with retirement issues, download our free estate planning worksheet. For personalized advice and help answering the question, can I retire?, you can also give us a call at 860-548-1000 or contact us online today.