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Steve Sexton Top Signs You Should Delay Your Retirement

If you’re not financially ready, retiring too soon can put a strain on your finances during your golden years. Read on for Steve Sexton's tell-tale signs you should consider delaying your retirement.

1. You’re struggling to make ends meet

If you find that you can’t get ahead of your bills, this is a sign you’ll likely need to delay your retirement. In general, I advise my clients to have at least 75% of their pre-retirement income in order to be financially secure in retirement. This income can come from a variety of sources, like retirement accounts (IRAs, 401(k) or other), savings, investments, Social Security, etc. If you find that these combined sources don’t make up at least 75% of your pre-retirement income, it’s time to create a retirement plan that will help you get there.

2. You don’t have a realistic financial plan

If you don’t have a financial plan that breaks down your monthly, quarterly and annual budget and income in retirement, I would recommend taking the time to iron out these details before retiring. This means having an in-depth understanding of your expenses, potential future expenses, the rate of inflation, and how these factors stack up when compared to your retirement income. Without this critical roadmap, you’ll be going into retirement financially blind – and vulnerable.

3. You have a lot of debt

In the same vein, having a lot of debt is a sign that you’ll need to delay your retirement. Debt – especially high interest debt – will put strain on your retirement finances. With high levels of debt, any financial emergency or unexpected cost in retirement can literally make or break your golden years.

4. Your job gives you purpose

There’s no better reason to delay retirement than loving your job and deriving purpose from working. If you’re in good physical and mental health and enjoy the benefits of working, don’t let the official retirement age define you! Staying productive and busy in your golden years can keep you mentally and socially engaged while providing a sense of purpose.

Get even more financial tips and tricks from Sexton Advisory Group's CEO Steve Sexton on YouTube.

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