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When is the best time to retire? What are the factors I should consider?

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When is the best time to retire? What are the factors I should consider?

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  • #26823
    Anonymous
    • Replies 0

    When is the best time to retire? What are the factors I should consider?

    #27023
    Bonnie
    Moderator
    • Replies 11

    This really depends on your lifestyle needs and your health status. Here is a simple rule of thumb:

    1. Try to pay down your debt as much as possible
    2. Make sure that your Social Security Income can cover your essential expenses (food, living expense, healthcare etc)
    3. Withdraw no more than 4% of your savings to pay for your non essential expenses (travel, entertainment etc.)
    4. If you have additional money, consider getting a life insurance with Long Term Care rider, so if anything happens to you, you won’t
    deplete your savings.

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