Nine times out of ten, folks say the best time to retire is “Yesterday!” The average retirement age in America is 62, but there is no ‘one size fits all’ answer.

On your way to retirement, there are a few things to keep in mind to maximize your retirement income and navigate around financial termites like taxes and fees.

The first step in choosing when to retire is determining the kind of lifestyle you want in retirement. Different people want different things; retirement should be a time of rest and relaxation after a lifetime of working, so how do you spend your leisure time? Whether it’s hitting the links, taking the time to travel, or volunteering at your favorite organization, it’s important to know how you want to spend your time.

The second step is figuring out how much your retirement lifestyle will cost. Maybe you’ll need to work a few more years or maximize your 401k contributions. Maybe you’ll find that you can go ahead and retire now; either way, you’ll want to come up with some action steps to make sure your money will last throughout retirement.

The third step in choosing when to retire is factoring in key retirement dates to your plan. There are a few dates to highlight, like when government benefits kick in or when you can make withdrawals from retirement accounts without penalty.

There are a lot of moving parts to any retirement plan. It’s important to have someone you can trust to help navigate through the financial world and get you to where want to be in retirement. If you need help putting together a retirement plan or if you simply want a second opinion, now is the time to call Capital Financial. Coach Pete D’Arruda and the team want to help you decide the right time to retire for you.