It’s rather pointless to work all your life and not retire successfully and enjoy the fruits of your labor. But how do you know that it’s time and you can make that leap successfully? Motley Fool is an online income advisor with a stellar reputation. They have tips. Motley suggests the biggest tipoff you can pull of the retirement leap with finesse is that you have accrued a nest egg of some girth. This is imperative, because Social Security, even at its best, is notoriously lean. Moreover, Medicare is not going to cover every single health need. Assuming that you have made the wise choice to avail yourself of work options, such as 401K plans, it’s really important that you make sure you are up on the regulations and stipulations as to when and how you can withdraw your funds. Doing it wrong will incur wasteful penalties. Before you go ahead and claim your social security it’s best to decide if you can hold off for a while. If you can, the benefits do get better. You also need to make sure you understand the tax laws as they apply to seniors. Some states do tax social security income, for example. Finally, have a target per month income goal and a budget that will allow you to make ends meet comfortably, while keeping some extra for those unavoidable rainy days.
Key Takeaways:
- To retire successfully generally requires some built up savings, because social security is notoriously lean.
- Assuming that some or all of your savings is locked into retirement accounts, it is crucial to know how and when to withdraw what you need and incur the minimal penalty.
- You should have a budget that encompasses your normal household expenses and allows for extras.
“While it can be hard to make that assessment, watch for these five signs that suggest it’s the right time for you to retire.”
Read more: https://www.fool.com/investing/2021/10/29/5-signs-youre-really-ready-to-retire/
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