Entering a new phase of life can be scary on its own, but the prospect of no longer earning steady wages can make retirement a particularly tough decision 😰
The good news is that there are some signs that you are financially ready to retire. Take a look at four key ones below.
1️⃣ You are debt-free. You want to pay off debt during your working years, not when you’re on a fixed income. Prioritize debt payoff ahead of retirement.
2️⃣ You have enough saved. You’ll generally want at least 70% to 80% of your pre-retirement income.
3️⃣ Determine a retirement budget. Confirm how much you’ll need (and whether you have enough) by creating a retirement budget–be sure to consider travel plans, etc.
4️⃣ You have reviewed your portfolio. Take a look at your current investments and plan ahead. Often, your portfolio will need to be more conservative in retirement.
Ultimately, if you’re thinking of retiring, it’s a good idea to talk to a financial advisor well ahead of time so that you can enjoy retirement to its fullest 🥳
The views stated in this article are not necessarily the opinion of Cetera Advisor Networks LLC, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.