Good Lifestyle

That you approach retirement age Or by simply dreaming of the day you can finally enjoy your hobbies, most of us are more than ready to stop working every day. But it is not a transition that you should do without a great preparation. Retirement requires substantial planning, beyond simply considering the holidays you want to take and which hobbies are taking over with your whole new free time. More importantly, you must be able to financially support a lifestyle where you do not actively gain substantial income. To ensure that you are not going in things without preparation, we talked to financial experts to collect information on the red flags you need to know. Read more to discover nine major signs that you are not yet ready to retire.

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As you get older, your health often needs more management. You may take more medicines than before, or go to the doctor more regularly. If you have not already made a plan for the way you will cover your health costs in the future, you are not yet ready for retirement Dana Ronald , CEO of Tax Crite Institute . AE0FCC31AE342FD3A1346EBB1F342FCB

"Medical expenses are often one of the most important expenses with which retirees are faced, and having a plan to cover these costs is essential," she said.

In relation: 25 Best ways to save for retirement .

Do not take into account your debts if you plan to retire either.

"High debt levels can be difficult to retire," warns Ronald. If you currently have a high debt / income ratio, she says you should wait to retire.

Courtney Alev ,, Consumer financial defender At Credit Karma, recommends paying attention to the debt of your credit card and student loans, given that the federal return on student loan payments to students next month.

"Having these pending payments - which can increase in size, if they accumulate interest - can make the economy difficult for retirement," she said.

To avoid letting these debts continue to accumulate, Alev advises the elderly to create a detailed plan on how they can reimburse what they should.

"You must provide realistic adjustments to your budget to allow room for any payment of debt in progress, to avoid going by default and / or accumulating additional interests or costs," she shares.

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You should save money out From your retirement fund, according to Ronald. If you do not currently have emergency funds, it may not be a good idea for you to retire for now.

"It is essential to have species available for unexpected expenses to avoid withdrawing long -term savings or increasing debt levels," said Ronald.

If you want to save quickly so that you can retire soon, Money economy expert Andrea Woroch suggests picking up a side jostling during your free time.

"There are many flexible options at the moment," explains Woroch. "For example, you can find independent work via sites like Upwork or Flexjobs and earn an additional $ 1,000 per month by looking at someone's pet in your home via Rover.com."

It is important to be financially stable Before You retire, according to Alev.

"If you currently have financial difficulties, retirement should not be in the near future," she said. As Woroch explains, this means that you should not experience the pay check for check or have trouble paying your current bills.

"During your years of retirement, you will probably live with a lower monthly income," warns Woroch. "And although certain expenses can decrease naturally to retirement - such as dry cleaning and turnipping costs, others can increase, such as travel more or costs to enjoy various hobbies."

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The drop in your cost of living is often a crucial step to take before retirement. Andrew Lokenauth ,, financial expert And the founder of Befluentinfinance, says you need to be willing to reduce your lifestyle if you want to retire.

"This could mean reducing the size of your home, driving a cheaper car or cooking home more often," said Lokenauth.

Carter Seuthe , CEO of Consolidation of credit summit debt , said you shouldn't retire yet if you still live in a house too big for your needs.

"I experienced this with my own parents, who lived in a house with several additional rooms and a lot of additional space while they were retired," said Seuth Better life . "Not only can it become a problem to be maintained as you age, but mortgage and maintenance costs have been too high for their retirement income. Their budget was much easier to manage once they had been reduced to a smaller house. "

In relation: 6 signs it's time to reduce your home, say the experts .

Although you can take more expenses over the years, it is always important to have an idea of what you will spend after your retirement. This means that retirement should not yet be on the table if you have not created a budget for your future, according to Raymond Quisumbing , MBA, recorded financial planner in Bizreport.

"It would be the right time to start projecting a realistic budget to make sure that your retirement fund can manage all your expenses," he said.

You are not the only person you need to consider when you plan to retire, especially if there are others who depend on yours now.

"If you financially support other people in your life, such as your children or an elderly parent, it may not be the best time to retire," said Alev.

She recommends exploring how to help your dependents to become financially independent so that you can reach your retirement desires.

"Sit with them and create a budget with a strict calendar to show where your support will start back, to allow you to go ahead with your goals to retire," suggests Alev.

In relation: 10 easy ways to save on a fixed income .

Having a pension fund and other emergency funds is a good starting point. But quisumbing says you should not retire if you have not also created a clear income strategy.

"Do you have a plan on how to earn additional income after your retirement? There is a good chance that you need to make money next to it so that your pension fund is not exhausted faster than you Do not think, "he shares.

Even if you think you have all your finances together, it is always essential to speak to a professional before retiring.

"If you have not seated with a financial planner or a financial therapist, you lack precious ideas that could shape your retirement journey," Khwan Hathai , a certified financial planner At Epiphany Financial Therapy, said. "These professionals can offer both a financial snapshot and deep information on your emotional preparation for retirement."

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Best Life offers the most up -to -date financial information for high -level experts and latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.