From Kiplinger · · 2m
Retire in 2027 or Work One More Year?
How to decide if you should retire in 2027 or work one more year.
In brief
How to decide if you should retire in 2027 or work one more year. Retire in 2027 if you know your monthly retirement expenses, have a withdrawal strategy, know your retirement activities, or have saved enough for comfort. Work one more year if you lack a retirement budget, are unsure about your savings target, don't…
Quick answers
- Retire in 2027 or Work One More Year?
- Inflation is up 3.7%, gas is over $4 a gallon, and the stock market has been volatile.
- What is the key takeaway from Retire in 2027 or Work One More Year??
- Retire in 2027 if you know your monthly retirement expenses, have a withdrawal strategy, know your retirement activities, or have saved enough for comfort. Work one more year if you lack a retirement budget, are unsure about your savings target, don't have a withdrawal plan, or haven't planned your post-retirement…
Retire in 2027 or Work One More Year?
Inflation is up 3.7%, gas is over $4 a gallon, and the stock market has been volatile.
Retire in 2027 if you know your monthly expenses
Retire in 2027 if you know exactly how much you'll spend each month and have a strategy for healthcare and taxes.
“Is your plan thorough? Can it support your lifestyle, healthcare and income taxes in retirement?”
Work one more year if you lack a retirement budget
Work one more year if you don't have a retirement budget and need to create a detailed plan.
“Work one more year and create a detailed budget.”
Retire in 2027 if you have saved enough
Retire in 2027 if you have saved enough for comfort, as most Americans think they need over $1 million.
“Most Americans think they need over one million dollars to live comfortably in retirement.”
Work one more year if you are unsure about savings
Work one more year if you are unsure about your retirement savings target to build confidence and save more.
“A penny saved is a penny earned. Use the year to feel more comfortable.”
Retire in 2027 if you have a withdrawal strategy
Retire in 2027 if you know how much you'll withdraw regularly and account for inflation and market downturns.
“Do you know how much you plan to withdraw regularly, and does it account for inflation and any market downturns?”
Work one more year if you don't have a withdrawal plan
Work one more year if you don't have a withdrawal plan to avoid running out of money during market downturns.
“Withdrawing as you go can lead to running out of money prematurely.”
Retire in 2027 if you know your retirement activities
Retire in 2027 if you have a plan for your free time, such as volunteer work or spending time with family.
“Happy retirees typically have a passion that gives them a purpose and a sense of community.”
Work one more year if you don't know your retirement activities
Work one more year if you haven't thought about what you'll do after retirement.
“Spend one more year working and map out what retirement will look like for you.”
The headline
Retire in 2027 if you know your monthly retirement expenses, have a withdrawal strategy, know your retirement activities, or have saved enough for comfort. Work one more year if you lack a retirement budget, are unsure about your savings target, don't have a withdrawal plan, or haven't planned your post-retirement life.
