When is the right time to retire

[DOSZORROS]

Pete:

Your comments are pertinent and this is a subject that most people do not give enough thought and planning to. I semi retired when I was 50 and retired at age 52. My wife and I wanted to travel and our retirement has worked out very well for us.

Below are some thoughts I would put forth for consideration.

1. Work hard and save your money. Finances are of the utmost importance. People are living longer and you may be facing many years of active retirement. Government and inflation will be your biggest enemy. Your early years of retirement will be the most expensive and most people spend less when they get in their 80's.

2. Make sure you have a sound health insurance plan. You have to have health insurance or medical situations will certainly devestate you in retirement.

3. You have to have a reason to get up in the morning. If you do not have things you want to do in retirement, you are probably better off working. I have known several people that their job was their life and when they retired, they found they had nothing to do and generally ended up on the booze.

4. It is good to have some supplemental income after you retire. This will help inflation proof your retirement. A part time consulting job or advisory job can help you transition into retirement timewise.

5. Have a budget when you retire and do a net worth statement about twice a year to see if you are staying within the guidelines you established.

6. Spend as much time as possible staring over the steering wheel of that Wanderlodge. This is candy for the soul.