Knowing when you’re ready to retire usually isn’t a spur-of-the-moment realization. It often takes time, reflection, and careful consideration to decide when to take the leap. After all, there’s a lot to think about — not just financially, but also emotionally and relationally.

In this week’s Money Wisdom Question Series, Nicholas J. Colantuono, CFP® unpacks five key signs to help you determine whether you’re ready to retire.

1. Do You Know Your Numbers?

When you start thinking about retirement, one of the first things to look at is your numbers. In addition to knowing how much will be coming in each month, you also need to know what will be going out. Once you have a solid understanding of your income and expenses, you can create a plan to cover any shortfalls.

2. Is Work Still Fulfilling?

You may be in a place where your work still fuels your passions and fulfills your needs. Or, you may be ready for something new — or even to retire altogether. If your career no longer excites or motivates you, it could be a good sign that you’re ready for a change.

3. Have You Planned How You’ll Spend Your Time?

When you’re no longer in the rhythm of your usual day-to-day routine, you may find yourself with a lot of free time. Planning how you want to spend that time is key. Whether it’s traveling, pursuing hobbies, volunteering, or simply enjoying time with family, it’s important to fill your days in meaningful ways.

4. Are You Emotionally Ready?

Retirement isn’t just about the numbers; you also have to be emotionally ready to take that step. Ask yourself: How does the idea of retirement make you feel? If you feel confident, it may be time to start seriously exploring your options. But if you find yourself feeling anxious or uncertain, it might be a sign to pause and take more time before making any decisions.

5. Is Your Family on the Same Page?

Your loved ones factor into your retirement decision as much as anything else. You’ll likely be spending a lot more time with family, so it’s important to make sure your expectations are aligned. Having those conversations now can help you avoid surprises or conflicts down the road.

Retirement can be an exciting new chapter, but if you don’t feel like you have a clear plan or the confidence to face it head-on, let’s have a conversation. We’re here to help you move forward with clarity and peace of mind.