5 Signs You’re Ready to Retire
Bruce Helmer and Peg Webb are financial advisors at Wealth Enhancement and co-hosts of “Your Money” on WCCO AM 830 on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor and affiliate of Wealth Enhancement Group®.
Many people spend decades saving for retirement, but surprisingly few stop to ask an important question: How will I know when I’m ready? Retirement isn’t defined by a birthday. It’s defined by preparation, priorities, and confidence that the next chapter will be both financially secure and personally meaningful.
Yet surveys suggest many Americans retire earlier than they expected. According to the Employee Benefit Research Institute Retirement Confidence Survey, the median retirement age in the United States is 62, even though workers say they expect to retire closer to 65.¹
That gap highlights an important truth: retirement readiness isn’t about reaching a certain age. It’s about having the right pieces in place.
Here are five signs that you may be ready to make the transition.
You Have a Thoughtful Plan
Age alone shouldn’t determine when you retire. Turning 65 may feel like a milestone, but retirement tends to work best when guided by a clear plan.
A strong retirement plan goes beyond finances. It also considers how you’ll spend your time, what activities matter most, and how your savings will support the lifestyle you want. When you can clearly picture both the financial and personal sides of retirement, you’re already ahead of many people.
You’re Retiring Toward Something
Retirement tends to be more fulfilling when you’re moving toward something meaningful rather than simply leaving work behind.
Many retirees stay active by volunteering, mentoring younger professionals, starting a small business or pursuing interests they didn’t have time for during their careers. When you have a sense of purpose for the next chapter, retirement can feel energizing rather than uncertain.
Your Financial Foundation Is Strong
Confidence in your financial plan is one of the clearest signs retirement may be within reach.
Have you estimated how much income you’ll need each year? Are your investments positioned to support that lifestyle? Have you accounted for taxes, health care costs, and emergency reserves?
Sometimes modest adjustments (such as working another year or two, strengthening savings or refining your investment strategy) can significantly improve your long-term outlook.
You And Your Partner Are Aligned
For couples, retirement is rarely a solo decision. It’s a shared life transition.
If one partner retires while the other continues working, it can affect both finances and daily routines. That’s why it’s important to talk through expectations early. How will you spend your time? Will one spouse continue working part time? What does an ideal retirement lifestyle look like for both of you?
Couples who approach retirement as a team often find the transition smoother and more enjoyable.
You’ve Considered Your Social Security Strategy
Another key piece of the retirement puzzle is when to claim Social Security.
Benefits can begin as early as age 62, but claiming early typically means accepting a smaller monthly payment. Waiting until full retirement age (around 67 for many people) or delaying until age 70 can significantly increase your benefit.
In fact, benefits increase by about 8% for each year you delay beyond full retirement age, up to age 70. The right decision depends on factors such as your health, income needs, and whether you plan to continue working.
The Bottom Line
Retirement isn’t just a date on the calendar. It’s a life transition that benefits from thoughtful preparation.
When you have a clear financial strategy, a sense of purpose for the years ahead, alignment with your partner and a plan for Social Security, you may be well positioned to step confidently into retirement.
Working with a financial advisor experienced in retirement planning can help bring those pieces together and ensure your retirement years are rewarding.
¹ Employee Benefit Research Institute, 2024 Retirement Confidence Survey.
The original article was published by the Pioneer Press.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
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