Before making that decision, there are several things to consider such as your retirement income needs, current savings and liabilities, inflation, long-term care and other insurance needs , the rate of return on investments, your risk tolerance and the possibility of outliving your assets.
Some people find it helpful to "try out" retirement before actually retiring. In other words, while still working, they will more closely track their monthly spening over a few months and see if they are able to only spend what might be a sustainable income stream from their investments. They will also consider which expenses they have while employed that might be eliminated during retirement and adding the expenses (such as for more trips or private health insurance) that would be new.
Your investment professional should discuss with you the potential for your portfolio to grow and the likelihood of whether it can sustain the withdrawals you need over your lifetime.
If you retire now the earliest you can take your Social Security benefits age 62. That amount you recieve will be reduced because Social Security considers it early retirement and you will have to provide income from other sources at least until age 62.
Medicare coverage won’t start until age 65. If you are planning to retire now, you should make sure you have a secure source of health insurance coverage providing for you until you become eligible for Medicare. Check with your employer to see if and how long any medical insurance would last after you retire.
You can use retirement calculator to find out how much you need to save to retire at: https://www.newretirement.com/retirement-calculator/default.aspx
You should review your specific situation with a qualified advisor to help determine if you can retire now.
This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or Certified Financial PlannerTM as to your unique financial situation.
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.