Are You Ready to Retire? Watch for These Clues

Are You Ready to Retire? Watch for These Clues – Preparing for retirement isn’t just about having enough money—it’s about ensuring every part of your life is ready for the transition. At Savant Wealth Management, we believe financial planning for retirement should be comprehensive, combining financial preparation with emotional and lifestyle planning.

If you’ve been wondering, “Am I ready to retire?” the answer depends on more than your portfolio balance. Retirement readiness includes emotional preparedness, income strategy, lifestyle planning, and protection against the unexpected.

What Does Retirement Preparation Involve?

Retirement preparation means building a flexible plan that supports your lifestyle, keeps income flowing, and adjusts as life changes. It involves more than just crunching numbers. A well-rounded retirement plan includes financial forecasting, tax planning, income strategy, healthcare considerations, and even legacy planning.

At Savant Wealth Management, we help you build a plan for what’s next, not just what you’re leaving behind.

What Are the Financial Signs That You Are Ready to Retire?

Financial readiness comes down to whether you can maintain your lifestyle without relying on a paycheck. It means having reliable income sources in place, understanding your expected expenses, and knowing how your investments will support your goals over the long term.

If you have a clear income plan that integrates Social Security, pensions, and investments—and you’ve accounted for things like inflation, taxes, and healthcare—you’re on the right track. We also run “bad timing” scenarios to stress-test your plan against market downturns and help you stay covered, even if the economy doesn’t cooperate at the start of your retirement.

How Do You Know If You Are Emotionally Ready to Retire?

Leaving work often brings unexpected emotional challenges. Your identity, sense of purpose, and daily routine may shift once you step away from full-time employment.

You’re probably ready emotionally if:

• You’ve seriously considered how you’ll spend your time.
• You’ve built relationships outside your professional life.
• You feel more excitement than anxiety about what’s next.
• You’re mentally prepared to adjust your routine and identity.

Transitioning to retirement is a major life event. Taking time to prepare emotionally is just as important as getting your finances in order.

What Should You Consider When Planning Your Retirement Age?

There’s no one-size-fits-all answer to when you should retire—but several key factors can help guide your decision. Social Security, Medicare eligibility, your health, lifestyle goals, and how you want to spend your time all play a part.

As you weigh your options, consider:

• The cost of health insurance if you retire before qualifying for Medicare.
• How delaying Social Security could increase your lifetime benefits.
• Whether your investment portfolio can support different retirement timelines.
• Most importantly, whether you’re retiring to something—not just from something.

At Savant, we help you run the numbers and explore scenarios so you can understand the financial impact of retiring early, transitioning to part-time, or working longer.

How Can You Prepare for Unexpected Costs in Retirement?

Even the most well-thought-out retirement plan can face surprises. Medical bills, major home repairs, inflation, or the need to support family members can arise when you least expect them.

That’s why building flexibility into your plan is essential. This could include setting aside a dedicated emergency reserve, keeping part of your portfolio in accessible and liquid assets, and planning for rising healthcare and long-term care costs. We also stress-test your plan against scenarios like high inflation or market turndowns to help you be ready for whatever comes your way.

What Are Some Activities You Can Engage in After Retiring?

The most fulfilling retirements aren’t accidental—they’re thoughtfully planned. Once the novelty of free time wears off, having structure and a sense of purpose becomes essential.

Consider activities like:

• Exploring hobbies or creative projects you didn’t have time for while working.
• Traveling—whether it’s weekend getaways or once-in-a-lifetime adventures.
• Taking on part-time work or consulting in areas that interest you.
• Volunteering or getting involved in your community.
• Spending more quality time with friends and family.
• Enrolling in online courses or local classes to keep learning and growing.

A well-rounded lifestyle plan helps ensure your time in retirement is just as rewarding as your financial life.

How Do You Manage My Retirement Savings to Help Ensure They Last?

This is where we believe strategy makes a difference. Managing withdrawals wisely can help you avoid running out of money—or paying more in taxes than necessary.

We coordinate withdrawals across taxable, tax-deferred, and Roth accounts to help balance income and tax impact. Roth conversions can help reduce future Required Minimum Distributions (RMDs), and we use sustainable withdrawal rates to support long-term goals. We manage your portfolio with your timeline in mind, with risk levels adjusted as your needs evolve. Regular rebalancing can help keep your plan on track.

Our asset location strategies aim to maximize after-tax returns by placing the right investments in the right types of accounts.

Should You Consider Relocating in Retirement?

Relocating in retirement can offer both financial and lifestyle benefits—but it also comes with trade-offs worth considering.

It’s important to weigh the cost of living, access to healthcare, and how close you’ll be to family and friends. Climate and personal comfort matter, too, along with the tax impact—some states tax retirement income while others don’t. Community life, available activities, and quality of local services can all influence your experience in a new location.

Before making a permanent move—or buying a home—consider testing the waters first. Rent for a few weeks or months in your target location to experience different seasons, get to know the area, and try out the local healthcare system. A trial run can help you avoid costly missteps and feel more confident in your decision.

We can help you model how a move might affect your long-term plan—and assist in mapping out the transition if it aligns with your goals.

What Are the Implications of Retiring During a Market Downturn?

Market timing can have a bigger impact on your retirement than many people realize—especially in the early years. Known as the sequence of returns risk, this challenge can increase the likelihood of running out of money if you’re making withdrawals during down markets.

To help manage this risk, we use strategies like diversifying investments across time horizons (often called a “bucket” approach), maintaining cash and short-term reserves, and delaying Social Security or reducing withdrawals early on. We also help adjust spending when needed and rebalance portfolios strategically—avoiding emotional decisions during market volatility.

The goal is to retire on your terms—not the market’s.

Ready to Feel Ready?

Retirement should be the reward for a lifetime of work—not a source of stress. At Savant Wealth Management, we remain committed to helping individuals and couples create retirement plans that consider both financial realities and lifestyle goals.

Let’s make sure you’re ready from every angle: financially, emotionally, and practically. Schedule a call with a Savant advisor to take the first step or sign up for our six-week retirement readiness challenge and start planning your next chapter with confidence.