NEW YORK ( AdviceIQ) -- Every now and then you probably ask yourself, "When should I retire?"
Is it simply a matter of finances? Or do you retire when you've "had enough" and are simple unwilling to take it anymore? Of course, there is no one answer for everyone. But you can ask yourself the following four questions and easily come to a better-informed conclusion:
1. How much does it cost you to live on average each month?
Before you quit your job, find out if you have the money to start living the life of Riley or not. And to
If you track your spending or use my "
Once you know how much money you need to retire, the next step is to see how much money you actually will have. This part of the exercise is pretty straight-forward. Just get the figures from your human resources department and the Social Security Administration. 3. Will you be able to create enough income from your portfolio to make up the difference?
When you retire, you probably will need to dip into your savings. Don't feel bad about that. That's why you worked so hard and that's what it's there for. The question is,