3 Signs Your Retirement Garden is Ready to Bloom

If you retired today, would you financially and emotionally blossom or wither in retirement? Here’s how to know!

By Rebecca L. Bennett

Preparing for retirement is a lot like tending to a garden. It requires careful cultivation of financial stability and emotional readiness. Just as a master gardener assesses soil quality and plant health before harvesting, you will need to consider many different factors to determine when it’s the right time for you to retire. Here are three signs your retirement garden is ready to bloom!

You’ve Cultivated Knowledge

The first sign your retirement garden is ready to bloom is that you’ve put in the time and effort to cultivate knowledge about personal finance and retirement. You budget regularly, maintain a healthy emergency fund and splurge responsibly.

You have met with a representative from each of your employer-sponsored retirement plans, including TCDRS! (If you haven’t met with us, you can schedule a free online counseling appointment to go over everything from retirement eligibility to employer matching. We can also help you run benefit estimates, explain the different payment options and walk you through the benefit application.)

The Numbers are Coming Up Roses

The first sign is that the numbers are adding up! When you calculate your expected retirement income and additional savings, will you have enough to cover your expenses and support the kind of lifestyle you want for 30+ years? Or would it be better to spend a few more years in the workforce paying down debt and growing your savings and investments?

To determine how much your TCDRS benefit could be and explore the different payment options, sign into your account at TCDRS.org and run a benefit estimate. A financial advisor can also help you take inventory of your financial situation and create a plan that meets your needs and goals.

Your Emotions are Well-Tended

Finally, the third sign you’re ready to blossom in retirement is that you feel confident you will be able to get adequate social enrichment and personal fulfillment in retired life. The numbers might be adding up, but if you retire without replacing the socialization, structure and sense of purpose you get from your job, you might find yourself withering.

Getting on a schedule, participating in hobbies and social groups, spending time with loved ones, traveling and volunteering are all great ways to fulfill these needs. If you have cultivated knowledge, your numbers are coming up roses and your emotions are well-tended, then you may be ready to blossom in retirement!

Personal Finance