Pondering retirement
My brother has always insisted, "I'm going to retire when I'm 50." He has three years to meet that goal. His wife is a nurse, so it is feasible that he'll make it. They also are considering the traveling nurse deal so they can travel around the country when their son goes off to college in a couple of years.
The bottom line is the same for all of us: money. How much does one need to be able to retire? Don't forget, you aren't eligible for Social Security retirement benefits until at least age 62. The older you are when you retire, the more your monthly benefits will be. Are you getting your annual retirement report from the Social Security department? It lists how much income you've made each year throughout your working career and estimates what your monthly benefit will be if you retire at age 62, 65 or the age they have figured for you.
What do you know about early withdrawal penalties from your IRA, 401K or other retirement plan? Are there tax issues to consider? What about health insurance options? Should you take your retirement in a lump sum or monthly benefit? These are some things to learn more about.
Before you quit your job and walk away, you might want to consider taking a leave of absence or a vacation to see if quitting is really what you want to do. Lynn found that the laughter had returned to her home when she returned home full time to nurture the family. She had no qualms about tendering her resignation. But later, when the family was grown, she was unable to get back into the business.
A lot of retirees have returned to the work force because their retirement income is not adequate to support them. Or they decided they needed a job to give them a reason for getting up in the morning.
Thinking of relocating? It might be to your advantage to rent out your old home and rent a home at the new location for at least a year, just to make sure that you really want to make it permanent. You will leave an option open to yourself if you have a home to come back to at a cheaper cost than a new mortgage.
Have you considered semi-retirement to make sure that retirement is something you're ready for? Keeping your foot in the door makes it a little easier to get back in. When you burn your bridges behind you, it's not so easy to go back again.
You may find you aren't ready for retirement or to leave that job you thought you hated. Making a plan for yourself is in your best interests. Think beyond the moment.
The bottom line is the same for all of us: money. How much does one need to be able to retire? Don't forget, you aren't eligible for Social Security retirement benefits until at least age 62. The older you are when you retire, the more your monthly benefits will be. Are you getting your annual retirement report from the Social Security department? It lists how much income you've made each year throughout your working career and estimates what your monthly benefit will be if you retire at age 62, 65 or the age they have figured for you.
What do you know about early withdrawal penalties from your IRA, 401K or other retirement plan? Are there tax issues to consider? What about health insurance options? Should you take your retirement in a lump sum or monthly benefit? These are some things to learn more about.
Before you quit your job and walk away, you might want to consider taking a leave of absence or a vacation to see if quitting is really what you want to do. Lynn found that the laughter had returned to her home when she returned home full time to nurture the family. She had no qualms about tendering her resignation. But later, when the family was grown, she was unable to get back into the business.
A lot of retirees have returned to the work force because their retirement income is not adequate to support them. Or they decided they needed a job to give them a reason for getting up in the morning.
Thinking of relocating? It might be to your advantage to rent out your old home and rent a home at the new location for at least a year, just to make sure that you really want to make it permanent. You will leave an option open to yourself if you have a home to come back to at a cheaper cost than a new mortgage.
Have you considered semi-retirement to make sure that retirement is something you're ready for? Keeping your foot in the door makes it a little easier to get back in. When you burn your bridges behind you, it's not so easy to go back again.
You may find you aren't ready for retirement or to leave that job you thought you hated. Making a plan for yourself is in your best interests. Think beyond the moment.
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