{"id":38468,"date":"2024-11-27T01:47:03","date_gmt":"2024-11-27T01:47:03","guid":{"rendered":"https:\/\/isafespend.com\/?p=38468"},"modified":"2024-11-27T01:47:04","modified_gmt":"2024-11-27T01:47:04","slug":"should-you-retire-in-2025-heres-what-experts-think","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=38468","title":{"rendered":"Should You Retire In 2025? Here\u2019s What Experts Think"},"content":{"rendered":"<div>\n<p>If retirement is on your radar, you might be wondering if you should retire next year. Your decision when to retire can be life changing and will influence your quality of life for the rest of your life. As such, let\u2019s look at the factors that might influence exactly when you retire.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>Is 2025 A Good Year To Retire?<\/strong><\/h2>\n<p>There\u2019s nothing generally inherent in the year 2025 that says it\u2019s a good or bad time to retire. It really depends on whether you\u2019re ready financially and emotionally.<\/p>\n<p>The lists below outline the pros and cons of retirement readiness. You\u2019ll be ready to retire if you can check many more pros than cons.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>What Are the Pros Of Retiring In 2025?<\/strong><\/h2>\n<p><strong> <\/strong>You might be ready to retire in 2025 if you\u2019ve completed the following tasks:<\/p>\n<ul>\n<li>You\u2019ve estimated your stream of lifetime retirement income from all sources, and it\u2019s enough to cover the regular living expenses you expect to be paying for the rest of your life. Sources of lifetime retirement income include Social Security, any pensions you might have, and retirement paychecks generated from your savings. For most people, this is the most critical indicator of whether you\u2019re ready to retire.<\/li>\n<li>You know how your living expenses might increase in retirement and have factored that into your planning. For instance, your health insurance premiums may be higher, particularly before Medicare. You\u2019ll want to understand how much you\u2019ll pay for medical insurance and related out-of-pocket medical expenses such as deductibles and copayment. You\u2019ll want to estimate how these amounts will change before and after you\u2019re eligible for Medicare at age 65.<\/li>\n<li>On the other hand, some expenses might decrease, and hopefully you\u2019ve factored that into your budget, too. Lower expenses might include the cost of raising children or housing costs, if you expect to pay off your mortgage.<\/li>\n<li>You have a good idea of the reasons you want to retire. Ideally, you\u2019ll have some positive reasons that pull you into retirement, such as travel, hobbies, and other activities that are only possible when you retire. On the other hand, you might have negative reasons that push you into retirement, such as burnout or boredom on the job, or poor health. Hopefully you\u2019ll have more positive than negative reasons.<\/li>\n<li>You have a good idea how you\u2019ll spend your days in retirement, beyond just the vacations and travel that you might expect to enjoy. Be sure to include regular social contact with people you care about\u2014it\u2019s been shown to be good for your health and help combat loneliness.<\/li>\n<\/ul>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>If you\u2019ve completed or thought through most or all these items, you might be ready to retire in 2025.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>What Are the Cons Of Retiring In 2025?<\/strong><\/h2>\n<p>If you haven\u2019t completed all the planning steps listed above, you\u2019re taking a risky gamble that retirement will improve your life. Each step you haven\u2019t taken becomes a con for retiring in 2025. Until you complete those planning steps, you might want to wait to retire.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>Are There Special Considerations For Retiring In 2025?<\/strong><\/h2>\n<p>It\u2019s only natural that you might be wondering how performance of financial markets in 2025 might influence your decision to retire.<\/p>\n<p>For example, you might want to take advantage of the recent run-up in the stock market. In that case, you\u2019ll want to lock in some of your gains and protect yourself if the market declines in the near future. To this end, Christine Benz, Director of Personal Finance at Morningstar and author of the recent hit book <em>How to Retire<\/em>, offers these suggestions: \u201cPre-retirees may want to consider rebalancing their portfolios and building a runway of seven to 10 years of withdrawals from protected assets such as cash, high-quality short- and intermediate-term bonds, TIPS and Series I Savings Bonds.\u201d<\/p>\n<p>Some pre-retirees might be worried that inflation will increase as a result of President-elect Trump\u2019s policies regarding tariffs. In this case, Benz offers these suggestions: \u201cOptimize Social Security\u2019s inflation-protected retirement income, consider investing in TIPS or Series I Savings Bonds, and carefully invest in stocks that have historically kept pace with inflation.\u201d<\/p>\n<p>Benz also suggests that retirees keep a good sense of humility when planning for specific economic scenarios, since professional and amateur investors alike have often been wrong with their projections for the near future.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>What Month Is Best To Retire?<\/strong><\/h2>\n<p>There\u2019s nothing generally inherently good about retiring in any particular month. Instead, you\u2019ll want to consider factors that are specific to your situation. For example:<\/p>\n<ul>\n<li>There may be work-related factors that dictate the best month for you to retire, such as when you might receive a bonus payment, reach an eligibility threshold for retirement or retiree health benefits, or complete an important project. You\u2019ll want to learn when your employer makes retirement contributions to your 401(k) plan and how unpaid vacation is treated when you retire.<\/li>\n<li>Certain benefits might increase for every month you wait to retire, such as Social Security or pension benefits. Do your research to find out how you might benefit by waiting.<\/li>\n<li>It\u2019s likely your taxable income will decrease after you retire, which could reduce your tax bracket and might help you determine the best time to retire. Consider asking your tax accountant for an analysis.<\/li>\n<li>You might have personal reasons that indicate the best month to retire, such as the birth of a grandchild or an important wedding or family reunion to attend.<\/li>\n<\/ul>\n<p>Here\u2019s one final critical task: If you\u2019re married, find out what your spouse thinks about your retirement and all the tasks listed here. Prevent the comment lament, \u201cNow I have half the income and twice the spouse.\u201d<\/p>\n<p>Retirement is one of the most important decisions you\u2019ll make for the rest of your life. Do your homework\u2014don\u2019t make this decision lightly.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/stevevernon\/2024\/11\/26\/when-should-i-retire-2025\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If retirement is on your radar, you might be wondering if you should retire next year. Your decision when to retire can be life changing and will influence your quality of life for the rest of your life. As such, let\u2019s look at the factors that might influence exactly when you retire. Is 2025 A<\/p>\n","protected":false},"author":1,"featured_media":38469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":{"0":"post-38468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should You Retire In 2025? Here\u2019s What Experts Think | iSafeSpend<\/title>\n<meta name=\"description\" content=\"If retirement is on your radar, you might be wondering if you should retire next year. 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