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Retirement Milestones to Look Forward To
Retirement is a transition into a new stage of life. Retirees get the freedom to choose how to spend their time, but they also walk away from the comfort of a steady paycheck and need to make important financial decisions. Here are some retirement rites of passage.
Reaching financial freedom. You have achieved financial freedom when you no longer need to work to pay your bills for the rest of your life. “Once you reach that inflection point, you can leave this job or negotiate part-time work, and you know things are going to be OK,” says Maura Griffin, CEO and principal for Blue Spark Capital Advisors in New York. Griffin recommends doing an analysis of your finances, using conservative investment returns and factoring in inflation and taxes, to reassure yourself that you have enough money to retire.