Everyone looks forward to the day they can retire and focus on things that make them happy instead of their 9 to 5 word day grind. The question is, when is the best time to finally hang up your hat and go have some fun in a Ft Myers retirement community? Read our guide for some helpful insight on some things to consider when making this decision.
Here are 5 ways to know if you are ready to retire & move to a Ft Myers Retirement Community:
You’re near or at retirement age.
- Generally speaking, that age is 66 to 67 depending on the year bracket you were born in. You could potentially collect social security benefits earlier starting at the age of 62 but your monthly payments could be reduced by around 25%. You could also wait – if you really love your job, the maximum age delay is 70 years old. This allows you to get 132% of the monthly benefit you would have collected at your normal/full retirement age.
Your financial situation.
- If you are living on a fixed income, having a monthly payment can become a burden. It is best to wait to retire until you have paid off credit cards, loans, cars, and homes.
- You could also talk to your financial advisor about the pros and cons of working a part-time job. It doesn’t need to be at your same company or even in the same industry, but rather a new source of income by doing something you enjoy.
No more dependents.
- If you still have children or parents living at home with you or depending on you financially, it might not be the right time to retire. Their needs may be unpredictable and require more than your upcoming fixed income.
You have a plan.
- Have you crunched the numbers and reviewed your revised monthly budget for after you retire? Does it look feasible or realistic for you at this time? If not, maybe wait until you have more saved up so you’re not restricted to such a tight budget.
- What are your benefits? This includes a variety of items including your health care options for when you leave your job. What will the new benefits cover, and how significantly will your medical costs waver?
Talk to your spouse and family.
- Do your loved ones agree that this is the right move for you at this point in your life? It’s important to get others input on a big life decision like this and make sure everyone is on the same page. It is ultimately your decision, but having other perspectives might help you catch any red flags before making the transition.
Retirement is one of the most exciting eras in your life, and relaxation is on the horizon! To ensure that you enjoy it to the fullest, you want to make sure you are prepared and have planned for a variety of situations. If you are looking for a Retirement Community in Ft. Myers Florida, give us a call, we are happy to answer any of your questions.