You might be asking yourself, "When should I retire? Should I retire early or defer it?" Deciding when to retire may not be just one decision, but a series of decisions and calculations. For example, you’ll need to estimate not only your anticipated expenses but also what sources of retirement income you’ll have and how long you’ll need your retirement savings to last.
You’ll need to take into account your life expectancy and health, as well as when you’ll want to start receiving Social Security or pension benefits. You’ll also want to consider when you’ll start to tap your retirement savings. Each of these factors may affect the others as part of an overall retirement income plan.
Contact us today for a free retirement planning session that will help you determine the best time to retire.
Mychal Eagleson, CFP®, ChSNC®, AAMS® is the President of An Exceptional Life Financial, a firm that specializes in financial planning for teachers. He frequently writes and speaks on teacher finance topics and is passionate about helping teachers plan for the future so they can utilize their finances to live exceptional lives. Mychal also serves on the boards of the Financial Planning Association of Greater Indiana as the Director of Public Relations & Social Media and the Pike Township Educational Foundation as the Chair of the Strategic Planning Task Force and a member of the Finance Committeee. To read more of his articles and learn about how you can work with him, visit: www.anexceptionallifefinancial.com