The decision to retire isn’t an easy one. After all, there are pros and cons to leaving the workforce and embarking on this new chapter of life. If you’re thinking of retiring in 2021, be sure to answer these questions before making that call.
A recent survey found that Americans in their 60s have a median retirement savings balance of $596,992. You, on the other hand, may have a lot more money than that, or much less. But rather than worry about how your savings balance compares to others your age, think about whether the amount you’ve socked away is enough money for you. Will it cover your anticipated living costs? Will it be enough to help you achieve your retirement goals? And is it enough to help you sleep at night without having to worry about money? Make sure you’re content with the sum you’ve saved — and if not, you might consider working a bit longer to boost your retirement account balance.