The theme for this week is the best age to retire. The timing of your retirement is one of the most important decisions you’ll make. Period. It’s a decision that has financial, psychological, and health consequences that could impact you for the rest of your life, so the decision about when to retire must be carefully considered.

I’ve watched many clients over the last 11 years transition into retirement, and it’s always an exciting time.

A lot of uncertainty lies on the other side of retirement. But when I see clients who are truly ready to retire, I see many similarities in their circumstances and their mindset. So here are my top 3 signs that you might be ready to retire:

#1 - You’re financially prepared for retirement. You’ve run the numbers. Based on your income, the size of your nest egg, and your projected lifestyle in retirement, there is a very low chance that you’ll run out of money. You also have enough cushion to absorb a down stock market, unexpected cuts to social security, or higher inflation. You’ve also figured out how you’re going to pay for healthcare and perhaps long-term care in retirement as well. Without a retirement roadmap and being financially prepared for retirement, none of the other factors really matter that much.

Sign #2 that you might be ready to retire - You aren’t interested any more in keeping up with the technical knowledge base of your profession.  A sure sign that you’re ready to retire is when you are no longer trying to keep up with changes in technology or changes in your field that impact your job. You’ve stopped going to conferences. You no longer read books or trade publications in your field. You’re no longer hungry to learn. If you’ve lost the fire and especially if you’re just burned out and exhausted all the time, it might be a sign that you’re ready for a change. Burnout is an obvious sign, but pay attention to your hunger for continued growth and learning in your profession, as this may be a more subtle message that you’re ready to transition into retirement.

Sign #3 that you might be ready to retire - Your primary areas of fulfillment and satisfaction are outside of work. If you list all the things that are important to you, where does work fall in that hierarchy? When my daughter was born in 2014, my mother-in-law decided to retire. She enjoyed her work, but she was a stay at home mom to her 2 boys and was excited for the opportunity to be involved in her first grandbaby’s life as babysitter numero uno! She has formed a strong bond with my daughter, babysitting her 2-3 days a week for the last 4 years, and my daughter loves her Gaga very much. When you are strongly pulled to other areas of life satisfaction outside of work, that may be a sign that you’re ready for retirement, or in my mother-in-laws case, career #3 as stay at home grandma.

That’s it for today! Thanks for listening.

My name is Ashley Micciche and this is the One Minute Retirement Tip.

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