How long will your savings last?
Something you need to take into consideration is that you don’t necessarily have to file for Social Security benefits the second you’ve left the workforce. If you can retire now but postpone claiming your Social Security benefits until the maximum age, to boost benefits, this changes your situation a lot. If you delay drawing on Social Security checks only to have to sell your stock for money, you’re cutting off your nose to spite your face, so to speak.
Why it’s important
How long can you live off of your savings also answers how much you have saved and under what form. If you’ve stashed away a lot of cash in your bank account and you’re waiting for the certificates of deposit to reach their maturity age, your prospects are looking good.
If you can wait a few more years before claiming your Social Security benefits without having to sell your stocks in the process, you might be able to move up your retirement date without suffering serious financial hardships.
It’s your retirement
Retirement is not something to be taken lightly. It’s a huge step in your life and only you can tell if you are ready to end your career and retire, financially, mentally, physically etc. Therefore, take all the time you need to think and come up with answers to all the above questions. When making your decision, consider your current and projected financial situation but also discuss this issue with your family. It’s something that will affect them as well, one way or another, so, should also be in the know.
