A conservative wealth management planner and the vice president of sales at DeRosa and Associates, Chester Pacana has been helping civilian and federal employees protect principal and secure retirement for more than 10 years. In addition to this role, Chester “C. Edziu” Pacana serves as a nursing retirement specialist for Retirement4Nurses and a retirement planner for Gov-Benefits.
Many people think they will retire sometime in their mid-60s. While this is typical, figuring out the best time to do so isn’t a one-size-fits-all decision. Below are several questions to ask yourself before retiring:
Do you want to stop working?
Despite how appealing the idea of not working may seem, it’s not uncommon to feel aimless once your work responsibilities are gone. To make sure you are ready to not work every day, take an honest look at the pros and cons of continuing employment once you retire.
What’s your ideal retirement?
Everyone’s image of retirement is different. For some, it’s volunteering or working part-time, while for others it’s being retired for 30 or more years. Regardless of your ideal lifestyle, knowing what your perfect vision is gives you a more accurate idea of how much you need to save to make dreams a reality.
Who is most important to you?
Friendships, particularly work-based ones, often fade once you retire because you either move, aren’t in the office as much, or are busy with other things. Consider whom you want to maintain a relationship with after you retire and create a plan for accomplishing this. Further, start strengthening the relationships you want to keep before you fully retire.
What’s your backup plan?
During your retirement, you will likely encounter some road bumps. These include getting sick or becoming disabled. As you plan for retirement, set up a safety net for handling these issues so you aren’t caught completely off-guard.
