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ready to retire

How do you know if you are actually ready to retire

by Holistic Leave a Comment | Filed Under: Credit Card, Retirement Planning

Should you quit your never-ending job, and make a decision to retire early?

What else do I need to have, in order to consider my retirement seriously?

These are just a few, but very common questions popping up in the minds of most young and middle-aged working person.
The thought of early retirement instantly lets us eschew all the work-related worries. Being free of such anxieties may be a big relief for us, however, at the same time we should also give up the thought of the additional money that we could have earned to enjoy a wealthier retirement.

Considering this, does the retirement decision become even more difficult now?
Let us here discuss the six indications that will help you decide if you are capable enough to retire, or should you continue working.

1. Are all your debts cleared?

Everyone dreams of a relaxing and a comfortable life post retirement. It shouldn’t be such that you are still surrounded by worries of making any kinds of huge payments. Therefore, rather than retiring along with a burden of any heavy dues, you must actually plan your retirement such that it is free of any kind of loans, big credit card balances to clear, mortgages or debts.

Only, in the latter case will one be able to relish their life post retirement with their lifetime savings and the retirement income. Apart from all the recreation, you can also use the retirement wealth to add in to your savings for an emergency. Doing this will be a lot more beneficial, rather than being entangled up with the payment of pending dues.

2. If your savings have outshined your retirement goal:

Having a retirement goal has always been an essential self-motivation factor to push yourself beyond your limits. And, when your investments and savings surpass your target, then you have another positive clue to think over an early retirement.
At the same time, you should also remember that in order to retire much before than you had actually planned, you must have enough savings to take into account these additional retirement years.

In a case, when you don’t have a savings plan going well with your early retirement plan, then you need to do a rework. This should include recalculating your savings for the additional years. Also, check the eligible age for your pension schemes and retirement plans to ensure that your savings also cover its expenses, until the time you reach the qualifying age.

3. Is your healthcare covered?

Healthcare costs are skyrocketing with every passing day. Therefore, those retiring earlier than their Health Plan’s eligible age, must also have a plan ready to cover their health costs post retirement till they become eligible to avail the plan benefits. Here, if you have coverage via your spouse’s plan or your past employer, then an early retirement could be a possibility. Another alternative for realizing your early retirement is to look for a private health insurance scheme.

4. Have you already started practicing the retirement income budget?

It is a fact that post retirement, retirees have a lower monthly incomes (that may be fixed from their pension, or a retirement plan) compared to the same while working. For those who have already started implementing their retirement income budget, are actually moving a step closer to achieving their goal of an early retirement.

For those who have not started with this practice, should start living on a fixed as well as reduced income early. This will give you an actual sense of the difficulties that you might be facing, as well as save you from getting a sudden shock.

5. If your retirement plan is exclusive of any early withdrawal fine:

Needless penalties are a complete no-no. This is even true for people opting for retirement early and landing up with a fixed income. Therefore, if you are also contemplating upon retiring early then thoroughly look for plans than include a withdrawal option that is free of any kind of worthless penalties. Only then, it will be favorable for you to permanently pull out from your work.

6. Do you have a new retirement plan?

For those retiring early must ensure that they are not quitting their everyday routine schedule just to spend long days with nothing much productive to do. This early retirement can also result into your increased expenses with unnecessary shopping, having meals outside, etc. carried out just to pass the time.

Will such a retirement actually be considered as happy? Not sure really.

Rather, plan for a part-time employment post retirement and at the same time enjoy a hobby or travel. One can even plan their daily tasks in order to ease into an early retirement.

Consider for example, replacing your official meetings with volunteering tasks or weekly outings, or something as simple as a daily walk or gym. Moreover, you can plan a trip that has been due for long, or can even join some classes to learn some new activities.
If such kind of activities can happily pass your time, then you can very well think about retiring early. However, if the same activities bore you so soon, then your early retirement can be on pins and needles.

These were just a few signs that will help you with a prediction for a healthy early retirement. Or, if you are still unsure of making this crucial decision, you can always speak with, and seek consultation from your professional financial planner.

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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