Consider These 3 Things, Age-Related Retirement Rules That Every Retiree Should Know, How to Determine the Right Time to Retire, Make Sure the Retirement Crisis Doesn't Happen to You, How to Prepare Financially for Retirement, Learn How the Right Midlife Career Change May Add to Your Net Worth, The Steps You Need to Take Before Retirement. Think about your ability to make new friends and maintain currents ones if you move to a new location. That means you need to have enough money saved up to meet your needs. Less desirable: staying here at a retirement community, moving to Florida near grandkids, spending part of the year here and part in San Diego.”. Your decisions about factors such as whether to rent or buy, own a car or take public transportation, and the locality’s average cost of living can help you decide if your choice is right for you. Evaluate the tax environment. Be sure you have a plan for covering the costs of: Medicare does not provide coverage for long-term care associated with the daily activities of living, even if your healthcare expenses are covered.. Are you willing to embrace new cultures? Manage your investment risks more closely as you get closer to retirement. When deciding if you should retire, determine the type of lifestyle that you want to live and if you can afford it. Long-Term Care." Choose a financial planner who specializes in retirement. When retirement starts, you’re in the go-go stage where you can do whatever you used to be able to do. For example, “Dream locations: Paris, Bora Bora, Santa Barbara. In theory this means it’s up to you to decide when, or if, you wish to retire. LongTermCare.gov, U.S. Department of Health and Human Services. Second, it may sound a little extreme to make someone prove they are ready for retirement but I wish people had to make their case for retirement to a group of judges that could either approve or deny their request. If you aren't yet old enough for Medicare, consider your options for health insurance coverage and know the costs. Consider retiring a bit earlier if you or a loved one is in poor health. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. Should You Contribute to a 401(k) Plan, and How Much? Pay off as much high-interest debt, such as credit cards, as quickly as you can. Contact local authorities to get more specific information. You may opt-out by. Careful planning about the transition from full-time employment to retirement can enhance your chances of making a smooth adjustment. This article has been viewed 6,839 times. % of people told us that this article helped them. They may be able to give you a projected timeline for how much longer you can expect to keep working. Long-Term Care. That means having a plan to learn new things, connect with old and new friends, strengthen their marriage and other close relationships, as well as stay active and mobile. No matter how healthy you are when you stop working, at some point in your retirement your healthcare needs will increase. References. Deciding when to retire is one of the most difficult career decisions a worker can make. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. Continue to work either full or part-time if you haven’t quite reached your savings goal. Even if you prefer to keep working, you may find yourself running into physical difficulties performing your work. How Much Will You Need to Withdraw From Your Retirement Portfolio? The Harvard Study of Adult Development tracked the lives of over 700 men for over 75 years. That’s a change many people aren’t prepared for and one that can leave them feeling isolated or out-of-the-loop. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/8\/8d\/Decide-Where-to-Retire-Step-1.jpg\/v4-460px-Decide-Where-to-Retire-Step-1.jpg","bigUrl":"\/images\/thumb\/8\/8d\/Decide-Where-to-Retire-Step-1.jpg\/aid8337464-v4-728px-Decide-Where-to-Retire-Step-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":"728","bigHeight":"546","licensing":"