When Can I Retire? 4 Focus Areas To Help You 

Before you go storming into your boss’s office, have a plan in place for retirement. Run your numbers through the best retirement calculators and figure out what you want to do in retirement.

As long as you have accumulated enough income-producing assets, you are no longer dependent on your job for your expenses.

The income generated from a combination of your assets, pension (if you have one), and social security (depending on your retirement credits) should help you tackle retirement’s financial aspect.<

What Will Be My Expenses in Retirement

First, start by looking at your current expenses.

As you grow older or have pre-existing conditions, your premiums stay the same since a risk pool is built of all employees.

Any money you currently spend on commuting or daily eating out can be subtracted. If your job required you to dress professionally, you no longer need to maintain an expensive wardrobe.

You can start receiving your Social Security retirement benefits as early as age 62. If you are wondering, how much will I get if I retire at age 62; you would need to use the Social Security Calculator.

Great news if you are eligible for a pension. At present, very few non-government jobs pay pensions. Find out when you start receiving the money and what is the criteria to be eligible for a pension.

How Much Additional Retirement Funds Do I Need To Retire?

The money you have saved in pre-tax accounts such as 401(k) or post-tax accounts like Roth can be used to fund your retirement income. Don’t also forget to include your taxable accounts.

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