Although it would seem like people would naturally be ready to retire as soon as possible since arguably this is the end goal of working for most people, many times it is not this simple. Of course, there are some who really do want to retire but they are not ready financially to fund their desired quality of life during their golden years. On the other hand, many can financially afford to retire but there are other reasons that may be more emotional and psychological that keep them from retiring.  

The following are some signs that you truly are ready to begin your retirement. 

Confronting your fears around retirement 

Fear is one of the psychological reasons that keep many people working even when they may actually be ready to retire. Mostly the fear is a result of a lack of clarity in certain aspects of retirement life. This may mean fear surrounding no longer receiving an income from working a job which forces you to live off your savings and investments. Although you may indeed have enough capital and wealth built up to retire, you may not actually realize it and the fear that you do not have enough to stop working will keep you from retirement.  

On the other hand, fear of losing a sense of purpose could be what is stopping you from making the move to retirement. Many people’s sense of identity is strongly tied to their occupation which results in anxiety about what they will do with their time when they stop working. This can result in boredom and even depression for many. 

Therefore, in order to know you are ready for retirement you may need to conquer these types of fears which the following suggestions are designed to address. 

Develop a comprehensive financial plan 

Facing your fears around financial concerns will require that you put together a solid financial plan for retirement. This will entail a strategy for saving and investing that will ensure you have enough capital to fund your retirement plans. It is best to start saving for retirement as soon as possible. Investments can include various tax-advantaged retirement accounts and investments in financial markets. Talking with a personal financial advisor can provide you with a better idea of what it is you need to do to feel financially secure for your golden years. 

Decide what to do after you stop working 

One of the best ways to maintain a sense of purpose and to ward off boredom during retirement is to have a plan for how you will spend your time. Having a structured daily schedule is usually helpful for many retirees. You can also create a list of things you want to do such as places you want to travel to or hobbies you want to start pursuing. Volunteering for causes that you are passionate about may be an option. Physical fitness and family time are priorities that you could add to your list. 

Making the final decision 

Once you have alleviated your fears around retirement, whether they are psychological, emotional, or financial, you will be ready to go ahead into your golden years feeling safe and secure. Just make sure to continue to check in with your financial advisor during retirement to ensure your finances remain on track.  

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of the author and not necessarily those of Raymond James