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Lesko Financial: Tips for those Planning for Retirement

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BINGHAMTON, N.Y. -

Bryanna: Those planning for retirement may want to know that they’re truly ready before leaving the workforce. Greg Lesko of Lesko Financial has some tips to help them decide.

Greg: There’s no magic age or net worth that can tell someone it’s time to retire. The decision is unique to each individual. But, some benchmarks can be used as a checklist –a kind of “top 10 list” to help them decide. Let’s start with money: you might be ready to retire if: you’ve created a retirement budget, planning for income and expenses--including health care costs. Next, you might be ready if: you’ve test-driven your retirement budget by living on it before you actually retire.   

Bryanna: What other items are on the checklist?   

Greg: You might be ready to retire if: you aren’t filing for social security too early. You can file at 62 but waiting until full retirement age increases your benefits; waiting until age 70 boosts them even more. Next: you have health insurance covered. Also: you’ve eliminated or at least reduced your debt. And, you might be ready to retire if: you have a plan for your investments that includes both safety and growth.   

Bryanna: Any non-money items to check off?   

Greg: Yes. You might be ready to retire if: you’ve allowed yourself to “dream a little”perhaps about pursuing passions you put aside while you built your career and raised a family. Also, you might be ready if: you’ve discussed retirement with your spouse–in detail. And, if: you have something to retire “to.” And, finally, you might be ready to retire if: you're excited and eager to start the next chapter of your life.