Choosing to retire is a big decision for hard-working Americans. After investing so many years working, it can seem impossible to make the leap into rest and relaxation. If you’re stuck making that final decision, here are some of the indicators that you’re ready for retirement.
You’re the right age
Retirement looks different for everyone, depending on their age, values, and money saved. But if you’ve reached the age of 63, which is the typical age for people to retire, it’s time to start considering options for retirement.
This is typically the age where most people are eligible for a pension and social security provided through their job. On top of that, this is the age where many people begin to have trouble performing daily tasks, including aspects of their job. As you begin to crave comfort and stability when you grow older, retirement becomes a more alluring option. If you’ve recently reached 63 years of age, you should sit down with a financial advisor and begin weighing your options.
You have the money for it
Again, age doesn’t necessitate retirement. You could be a billionaire by age 40 and decide to call it quits in the workforce. However, a recent Gallup poll showed that 76% of employees will continue working past the age of retirement. Many of these individuals are forced to work past their 60s because they simply haven’t saved up enough money or earned a suitable pension to sustain them in their retirement.
Keep in mind that the average monthly social security payout is $1,270. This might not be a lot for a single person, but on top of pension benefits and the cost of downsizing your home, you may have enough to swing it. Always talk to a professional before making these major life decisions.
Your health isn’t what it used to be
As we grow older, our health starts to change in many ways. Our range of motion decreases, our eyesight begins to fade, and our memory simply isn’t what it used to be. If you find yourself struggling to perform a variety of daily tasks, it might be time to retire and move into a nursing home or assisted living community.
Nursing home residents benefit from 24-hour care and the help of experience nursing home staff. Though this transition can be daunting for many, the benefits of becoming joining other nursing home residents ensure that your health is cared for. Many memory care homes offer a number of physical activities, social events, and community benefits for their nursing home residents.
For more information on what a memory care home can do for you, contact the professionals at Felicita Vida Senior Living today.