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How do I know when it is time to finally retire?

You might be at retirement age, eligible for Social Security, and eligible for a pension, but that doesn't always mean you're ready to retire. When is it time to retire?  Retiring comfortably means different things to different people. The question is not whether it's possible to retire, but how much money you need to have saved to live the retirement you really want?

The only number that matters is the amount you need to reach your own personal desired retirement. That number is reached in a few ways:

First, calculate an estimate of your total annual spending. Include all of your incidental and periodic expenses like dental work or home repairs.

Next, add up all of your potential income sources in retirement. Find out how much more Social Security or Pension you can receive by waiting until a later age to collect.

Be realistic about personal savings and investment withdrawals. Don't rely solely on rules of thumb or academic models. If you take out too much, too, fast, you risk running entirely out of money far too soon.

Don't shy away from professional financial help. Retirement is a significant life decision, and many of the decisions surrounding retirement are permanent. Qualified retirement financial planning experts help you reach a logical projection based on realistic assumptions.

If you discover you can't retire based on your current financial projections, it's okay to wait. While continuing to work, explore ways to save more, or look for work that you enjoy so you don't feel stuck. Take a fresh look at revamping your career to allow you to work longer and accumulate funds that will let you comfortably retire without struggling.

West Financial Group can help you decide when to retire as well as put in place a retirement plan that is customized to you. Contact us to schedule a meeting or stop by and say hello. 

Make the REST of your life
the BEST of your life.

For more than 14 years our mission at West Financial Group has been to guide our valued clients to financial security. We strive to address all of your concerns, ensure you understand the products we recommend and take pride in knowing you’re comfortable with the direction and strategy we provide you.

Our goal is to provide a “WOW” experience at every client interaction! We want every meeting, phone call and event to be an interaction worth talking about. We want our clients to be able to say, “WOW, what an experience! I can't wait to tell my friends about our financial professional.”

Whether it’s financial, retirement, legacy planning or optimizing your future wealth, our approach includes understanding your unique situation, exploring your goals and discovering the best way to make the REST of your life, the BEST of your life. By getting to know you and your family, we serve as financial guides who keep your best interests in mind throughout the entire process.

Skip West | Financial Planner | West Financial Group

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