From Yahoo Finance · · 1m 10s
3 Reasons Not to Delay Retirement
Your health, job, and savings may signal it's time to retire now.
In brief
Your health, job, and savings may signal it's time to retire now. People should retire sooner if health declines, jobs harm health, or savings cover long-term costs. Originally reported by Yahoo Finance.
Your health is declining
If your health is starting to decline, consider it a wakeup call to retire now rather than delay.
“Good health is never guaranteed”
Your job harms your health
If your job causes physical pain or worsens health conditions, it's a reason to retire immediately.
“You may reach a point where your job is so physically demanding that it causes you pain”
Savings cover long-term costs
If your savings meet annual spending needs with a buffer, you may not need more money to retire.
“A 2.5% withdrawal rate gives you an annual income of $75,000”
Social Security bonus
Retirees can earn up to $23,760 more annually by maximizing Social Security benefits.
“$23,760 Social Security bonus most retirees completely overlook”
Retirement math example
With $3 million savings, $36,000 Social Security, and a $20,000 buffer, you cover $110,000 annual needs.
“A 2.5% withdrawal rate gives you an annual income of $75,000”
Why retire now
If health declines, jobs harm health, and savings cover costs, there's no reason to delay retirement.
“It's not an easy thing to take the leap into retirement”
Retirement decision
Retire now if health, job, and savings indicate you've saved enough for your needs.
“You may be able to get on board with the idea of wrapping up your career”
In short
People should retire sooner if health declines, jobs harm health, or savings cover long-term costs.
