There’s no one size fits all answer to this question, because it very much depends on your personal circumstances. However, there are a few things to consider that may help you to decide when the time is right for you.
In this podcast episode, I detail what information and circumstances you should be looking out for to know the right time has arrived.
Do you have enough saved up to provide for yourself in retirement? If not, you may need to work longer to ensure a comfortable retirement.
Good health means you will be able to enjoy a longer retirement, however poor health will mean retiring sooner in order to enjoy your retirement while you are still in good health.
Inflation is an important factor to consider for retirement. Rising prices can quickly begin to eat into your savings.
Consider when you want to retire and what kind of lifestyle you want after retirement.
One way to find out if you have sufficient finance to create a suitable lifestyle after retirement is to create a retirement cash flow. This shows how much income you can expect to receive from various sources.
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A staggering 35% of the UK adults have NO Pension Plans and 43% don’t even know how much they will need for their ideal retirement lifestyle!
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