How To Know When YOU Should Retire
Suze Orman says to figure out your true living expenses, as well as the projected expenses into the future. You’ll have to remember to add in expenses you may not be incurring yet, like medications or help around the house. Also remember to figure in inflation costs of approximately 3% annually. Calculate how your living expenses and income will change if your spouse dies. The bottom line for Ms. Orman is this: if you have enough in your retirement savings to cover your bills now–as well as 30 years from now–you’re ready to retire. If not, keep working and saving.
Even if you’re in your 20s, it’s not too early to brush up on our tips for retirement planning. The earlier, the better!
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