Is Now a Good Time to Retire?

retired couple

When is the perfect time to retire? Is now the right time to retire? Several factors go into making this pivotal decision including your finances, health, family and travel plans to name a few. You want to make sure you are all set to have the retirement of your dreams before jumping in.

Factors in Deciding Is Now a Good Time to Retire?

You'll want to take a look at a large number of elements, seek professional advice and do some pre-planning when deciding if now is the time to retire or not. There are many opportunities for free retirement planning advice, including investment companies like Fidelity and organizations such as AARP. Retirement isn't a decision to be made lightly, so take your time and make sure everything is in order.


Probably one of the biggest factors you'll want to look at is whether you are financially ready to retire. Ask yourself the following questions:

  • Am I eligible for a pension or Social Security?
  • Will that money be enough to support me comfortably or will I have to seek another job that might not pay as well as my current job?
  • Will I get more money if I work just a few more years?

In addition to private financial counselors, you can also find some online calculators that can help you decide if you have enough to retire. Here are a few:


Health is a big factor in deciding when to retire. If you are in excellent health, you might still enjoy working and not yet feel ready to retire, even if you are eligible. On the other hand, if you have health issues, retirement and more time to relax might help you regain vitality and health.

Other Factors

There are many other factors you'll want to take into consideration when making the decision whether or not now is a good time to retire.

  • Family: Perhaps you'd like to have more time to spend with your family. Many grandparents choose to provide child care for their grandchildren. This can take away the stress of worrying about whether a child is being sent to someone that might neglect or abuse them. It can also ease the financial strain on your children because they will no longer be paying for expensive childcare.
  • Hobbies and Interests: If you have a passion, such as woodworking, you might choose to retire early and start your own business or pursue the interest further. It is important to look at whether you have hobbies or would like to pursue something of interest before retiring. Many people retire and then find they are bored and want to get back into the workforce.
  • Travel: Do you have a desire to travel? It is important to retire while you are young enough to travel easily and enjoy yourself. There is also the added benefit of being able to travel to warmer climates during colder months.
  • Job Stability: Even though it is abhorrent, some companies choose to lay off individuals close to retirement during a tough economy. There may be something to the phrase "get out while the getting's good". It's probably better to retire and collect some pension than to hold out and risk losing your job altogether. You can gauge this based on what the company has done to other employees in your position.

Retire Early and Work Part-Time

Another option, if you are eligible to retire but not yet financially ready is to retire and collect the pension but to work part time to make up for any lost income. By seeking out a part-time job, you can often find something much less stressful. By working part-time, you can begin to enjoy some of the perks of retirement and see if full-time retirement might be right for you. Knowing you have this option might help you decide if now is a good time to retire.

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Is Now a Good Time to Retire?