Am I Ready To Retire?

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

After years and years of answering emails, taking phone calls and sitting behind a desk if your job requires it, it's only natural to start counting down the months and even days until retirement. Especially if you have found that your job is no longer what it once was or simply doesn't satisfy you professionally anymore, chances are you know the exact day and time that you are eligible to retire. Or, you may even be looking for ways to retire early! However, retirement isn't as easy as it sounds; you'll still have to keep up with the cost of living and find ways to support yourself even when the 9-5 routine ends.

So how will you know when it's officially your turn? If you feel confident about each of the following, then you are likely on your way to the next part of your future:

Your Financial Awareness: Knowing how your expenses are going to change is a huge part of the retirement battle. While some costs may be eliminated from your monthly expenses, new ones may take their place or other existing ones may increase. By being financially aware and knowing what type of expenses you will still be expected to cover, it will be easier to determine if you are ready to leave your job or not.

Your Income: Having a steady income is just as important in retirement as it is when you are still in an employer paid position. But where will you get your income from if you are no longer in the working world?  Although Social Security will kick in, it might not be available the moment you're looking to retire - usually it starts around age 62. Therefore, if you are interest​ed​ in retiring before that (and even if you aren't), you should be well educated on your 401(k) and/or your pension so that you know what type of additional income you are projected to receive at the time you plan on retiring. 

Your Debt: Debts of any kind will continue to follow you through retirement, so you will want to know how much you have and how you plan to pay it off while continuing to deal with other expenses. If you're struggling to keep up with the debt you have while you're still receiving a paycheck, you will want to find ways to minimize it as much as possible before leaving the job scene.

Your Benefits: What does your healthcare look like now? What will it look like if you are no longer employed? Although health insurance is available during retirement, it is important to be aware of when it will officially kick in; if you haven't reached that age yet, you will need to find an alternative means of coverage, which could be quite the expense.

Now, even if you feel uneasy about one or more of these ​four​ areas, that certainly doesn't mean that retirement is out of reach; at American Investment Planners LLC, we can get you where you need to be to feel more comfortable! Through our retirement planning services, our team of advisors will work with you to develop the most beneficial financial strategies that you can carry with you all throughout the retirement phase of your life. For more information, please contact us by calling (516) 932-5130 or emailing info@americaninvestmentplanners.com.

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.