Once all the presents are all unwrapped and the tree is taken down, it’s important to think about the upcoming year and your future. Will 2020 be your retirement year? For some, retirement comes at a milestone. Maybe it’s 35 years on the job or their 65th birthday, or maybe their goal is to retire when they have $1,000,000 in savings. But, retirement is different for everyone and it’s a big decision to make. You might not be ready on your 65th birthday, or maybe you’ll be ready before that. Either way, take the time to decide if you will retire in 2020 by answering these 3 questions.

Do you have a lot of debt? Before you retire, you should try to eliminate credit card debt and high-interest debt. Once you no longer have that steady paycheck from your job, you don’t want to have to worry about rising interest rates and late charges. Paying off a mortgage is another goal for some before they retire, however, others don’t see it as a priority. Either way, make sure you are aware of the expenses you will have in retirement and make sure you have the income to provide for them.

Have you saved enough? By looking at the expenses you expect in retirement, and the number of years that you will be in retirement, you can get a better idea of how much you will need to live off of. You should also prepare for retirement surprises, the lifestyle that you want to live, and factor in your tax burden. All of this combined can help show you how much you should have saved and if you are ready for retirement.

Do you have enough to do? Transitioning into retirement is no small task. It’s important not to overlook how you will spend your time in retirement. Picking hobbies and things that interest you and planning different post-retirement activities gives retirees a sense of purpose. Volunteering can be a rewarding way to spend free time and can help develop new social connections and bonds with the community.

Maybe 2020 is the year for you to retire, and maybe it’s not. But after the hustle and bustle of the holiday subsides, it’s important to take some time to think it over. The professionals at Zinnia Wealth Management can look at your portfolio with you and help you decide when the right time to retire is. We can consider your financial situation and your lifestyle goals to make you feel secure in your decision. Click here to schedule your no cost, no-obligation financial review today and find out if 2020 is the year for your retirement.