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6 Tough Questions To Ask Before Retiring

"Well-educated, career workers over 60 are more likely to love what they do, find meaning in their work and enjoy their patients, clients and/or students," says Fideler, who notes that many gradually cut back to part-time work or become consultants or self-employed. "The decision is not irrevocable -- if they find themselves bored, they return to work."

5. Have you minimized your income needs?

"The many retirement calculators and savings and spending formulas don't work for everyone," says Repak. "A simple list of monthly retirement expenses and monthly retirement income can show you whether you have enough to retire or not. Try living that budget for a few months to see if it's realistic," advises Repak.

If you still have college expenses, dependent family members or other costly obligations, waiting longer to retire may help decrease these expenses, according to the ERBI study.

6. Do you have enough cash?

Repak advises having at least two years of retirement expenses available in liquid, insured savings accounts with the best savings rates you can find. This way, if you need money for a large household repair, car mishap or health emergency, you will not have to raid your retirement accounts or turn to credit cards.

But Repak says you shouldn't keep more in liquid assets than you need to.

"Liquid, safe money is not currently earning interest ahead of inflation," says Repak. "All the rest of your assets should remain in your retirement investment vehicles."

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