Written by Juanita Fox, director of media experiences and storytelling
Retirement is a rewarding milestone that offers you the freedom to relax, explore new passions and celebrate your career achievements. While most Americans expect to retire at 63, there’s no best age to retire.
Deciding when to retire from work is a significant life choice that requires you to evaluate your current lifestyle and future goals.
The following factors can help you determine the right time for you to retire.
To determine how to decide when to retire, you’ll need to consider whether you’ve saved enough and how much you’ll need to live comfortably. Ask yourself:
These questions can help you understand whether you’re financially secure enough to retire or if working a little longer will give you a bigger safety net. A certified financial planner can also help you weigh your options and decide the best time to start drawing Social Security.
While we all hope for longevity, it’s important to reflect on how your brain and body have changed over time and how your job can affect that. If work is physically taxing or your health is declining, retiring early can preserve your remaining active years. However, if you enjoy your job and feel well, staying employed can boost both your finances and mental health.
To maximize your wellness, prioritize regular medical checkups to stay ahead of potential health issues. Additionally, make sure your financial plan accounts for healthcare costs. A typical 65-year-old can expect to budget up to $165,000 for medical expenses after taxes. If you decide to retire before 65, you’ll need private insurance to bridge the gap until Medicare.
Retirement offers you more free time, but making the most of your time requires a clear plan. Whether you dream of traveling, volunteering, or working a part-time job you enjoy, visualizing your daily life helps determine your ideal retirement goals and plan.
Where you’ll spend your retirement is equally vital. While aging in place offers independence, home maintenance can become a burden. A continuing care retirement community (CCRC) eliminates these chores, freeing you to focus on hobbies, social groups, or travel. By aligning your living situation with your lifestyle goals, you can ensure your retirement is as active and fulfilling as possible.
A continuing care retirement community also provides the security of knowing that you have planned for future healthcare needs. If you choose to age in place, a continuing care at home program like Vibrance can help you plan for future health care needs.
If you’re married or have a long-term partner, remember that retirement is a “we” thing — not just a “me” thing. Discuss whether you see yourselves retiring at the same time or whether one of you wants to continue working. You should also be aligned about your finances, living plans and lifestyle goals.
With grown-up children out of the house and self-sufficient, retirement becomes much more achievable. However, if you have kids and are still helping them out, you might want to reconsider your retirement timing. The same holds for potential retirees supporting their parents.
Beyond adequate retirement planning and savings, you need to be emotionally ready to retire — your work is likely a big part of who you are as a person. In addition to paying the bills, it gives you a routine, a sense of purpose and a chance for social connection.
To know if it’s the right time to retire, ask yourself:
While the transition to retirement is different for everyone, the key is to strike a balance between feeling emotionally fulfilled and financially secure. Retirement can be an exciting chapter as long as you embrace an active lifestyle to keep your body moving, your mind engaged and your social life buzzing as you get older.
If you’re feeling a little stuck, here are some signs that indicate retirement readiness:
Here are some common questions about retirement timing.
Financial benchmarks can help you determine whether you’re on track with your retirement savings. Depending on your ideal retirement age and lifestyle, aim to save:
Enjoying good health can mean you’re able to work longer and retire later. Experiencing health concerns can affect your ability to work, and you might need to retire sooner than planned. It’s essential to consider your health and anticipated medical costs in your retirement strategy, rather than leaving them as an afterthought.
It is possible to retire early and live comfortably, but doing so requires a bigger nest egg. If you hope to retire at 55, you’ll need to save significantly more compared to if you were planning to retire at 65.
Scott and Juanita talk to Kelly Sweigart, director of sales at Garden Spot Village, about some frequently asked questions she receives during the sales process.
“Many of our friends say, ‘You’re too young to be there,’” says Doug Moister, who moved to a cottage at Garden Spot Village with his wife Pegge in December 2016. “Why? Am I going to spend the next several years taking care of the almost two acres of grass, hedges, and gardens, or do I want to be able to do the things I want to do? We feel like this is a gift from God.” Doug adds, “I am just blown away by the people who live here — artists, engineers, farmers, housewives, missionaries… With stories and careers behind them, they’re still accomplishing things. Every aspect of living here is a dream come true for us.”
Once you’ve identified the right time to retire, living a purposeful and active life can help you make the most of your retirement. At Garden Spot Village, we believe this period should be one of growth and connection.
As a premier CCRC, we provide the wellness and longevity resources necessary to make your retirement exceptional—whether through exploring new hobbies or building meaningful friendships. Our on-site healthcare gives you seamless access to expert medical services whenever they’re needed, helping you feel confident in your decision when to retire.
Ready to begin? Attend a Look and Learn event to discover the vibrant lifestyle waiting for you at Garden Spot Village.
Juanita Fox, director of media experiences and storytelling for Garden Spot Communities, brings a wealth of marketing and storytelling experience. She is the managing editor for Destination Magazine as well as the co-host for Garden Spot’s Purpose in Retirement Podcast.