• Question
  • Due to our age disparity, I would like to retire soon and take advantage of my husband's years

    Asked by a 68 year old woman from Garden Grove, CA on 8/20/2012

    Due to our age disparity, I would like to retire soon and take advantage of my husband's years ahead. However, I don't want to be broke later, so I wonder when is an optimal time to retire.

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  • Categories: When to Retire, Retirement Planning

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • From a financial perspective, the best time to retire is when you have saved adequate money or amassed sufficient assets to be able to guarantee enough income to cover all necessary expenses for as long as you live -- no matter how long that might be.

    If Social Security and other lifetime income sources like pensions do not cover your basic retirement expenses, then many financial planners highly recommend a lifetime annuity with inflation protection to make sure that you can maintain your quality of life. You can estimate the cost of monthly income here:
    --> https://www.newretirement.com/annuity-marketplace.aspx

    The real trick is to be able to plan for cost increases. Medical expenses will likely rise significantly, inflation may become a significant factor and what is your plan for long term care should the need arise?

    We hope the NewRetirement Retirement Calculator was able to help you identify specific issues and opportunities for retirement! Or, you may also want to consult with a Financial Advisor. NewRetirement can arrange a FREE consultation with an advisor. This prescreened professional can walk you through the NewRetirement Calculator results and help you understand when might be the safest time for you to retire.
    ------------> https://www.newretirement.com/free-retirement-consultation.aspx

    Thank you for using the NewRetirement Calculator. We hope the experience has been useful. Please return anytime to update your information or explore strategies for improving your plan!
    https://www.newretirement.com/retirement-calculator/default.aspx

  • Login to rate this answer:   Answered on 8/23/2012
**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.