When Is The Right Time to Retire?
It’s hard to say when it’s right time to retire; however, it is easy to say it is the wrong time to retire. You shouldn’t retire unless you have sufficient funds to carry you through your golden years. In the past, most people retired in their sixties. With declining savings and living costs going up, many Americans will have to wait till they’re in their seventies.
Instead of quitting your job, you may be able to negotiate reducing your working days or working hours. This will allow you to live without drawing on your savings. Downscale your life style. If you want to retire, you need to try to live more modestly. If your home is large, you can sell it and buy a smaller home or rent an apartment. You can move from an expensive state, such as those located in the Northeast, to cheaper, less expensive states in the South and Southwest.
You need to prioritize your needs. Instead of eating out once or twice a week, it is much less expensive to cook your meals and eat at home.
Losing your job or being downsized may force you into retirement. Employers may no longer want experienced employees in their fifties and sixties. This tends to raise the cost of their group health care and other group benefit packages. What do you do if you’re downsized and no one wants to hire you?You need to see a job counselor. You need to train yourself to work in another industry. Unfortunately, you also need to downsize your expectations as to what you’ll be earning.
The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issues for more than 45 years. We draft wills and trusts. We probate wills. We litigate will contests. We draft special needs trusts for special needs children.