Retirement used to be a finish line set in stone—65, a pension, and a well-earned rest. But today? The path to retirement is anything but one-size-fits-all. While some people retire at 50, others at 75, plenty fall somewhere in between. So how do you know when the time to retire is right for you?
The answer doesn’t just involve money (though that’s a big part of it). It involves security, purpose, and making sure your financial strategy supports the kind of life you want—whether that means traveling the world, spending time with family, or finally pursuing that passion project that’s been on the back burner.
The Three Big Questions You Need to Answer
Everyone wants to retire as soon as possible. But before you start eyeing the exit from your career, ask yourself these three key questions:
- Do I Have Enough Income?
Your retirement lifestyle depends on your ability to generate income without a paycheck. This is where Retirement Income Planning comes in. Social Security, pensions (if you have one), annuities, and other sources of steady income need to add up to enough to cover your needs. You’ll need to ask yourself:
- How much will my Social Security benefits be, and when should I claim them?
- Do I have enough “safe money” investments to weather market downturns?
- Will my income cover not just necessities, but the life I want to live?
- Have I Planned for Longevity and Healthcare?
Living longer is a gift—but it comes with financial challenges. Running out of money is a real risk, especially with rising healthcare costs. Wealth management isn’t just about having assets— it’s about making sure they last. You should consider:
- How will you handle healthcare costs, including long-term care?
- Do you have a financial plan that adapts as I age?
- Are you protected from inflation eating away at your purchasing power?
3. Am I Emotionally and Mentally Ready?
It’s easy to focus on the numbers, but retirement isn’t just a financial decision—it’s a life transition. Some people retire too early and feel lost without their work. Others wait too long and miss out on time they could have spent enjoying life. Consider what your days will look like in retirement—what hobbies, passions, or goals that will keep you fulfilled? Also, make sure you’ve talked to your spouse or loved ones about what retirement really means for all of you.
Finding Your Retirement Age
There’s no magic number, but there is a strategy. If you want to retire with confidence, a personalized plan is exactly what you need. LaTour Asset Management helps you understand every piece of the puzzle—from maximizing Social Security to making sure your money lasts as long as you do.
- Retirement Income Planning: supporting a steady, predictable cash flow
- Wealth Management: growing and protecting your assets
- Safe Money Planning: minimizing risk while keeping your wealth working for you
- Social Security Planning: choosing the right time to claim for maximum benefits
So, the right retirement age isn’t just about when—it’s about how. The difference between retiring early and stressed versus later and secure comes down to planning. It’s that important.
So, When Can You Retire? Let’s Talk!
If you’re asking the question, it’s time to get the answers. A no-obligation Comprehensive Retirement Plan from LaTour Asset Management in Springfield can help you determine your ideal retirement age and make sure your financial strategy supports the life you want.
Start the conversation today—call LaTour Asset Management at (877) 888-5724 to schedule your personalized retirement strategy. We’ll make sure your retirement timeline works for you.
