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Theres no magic age forretirement.
One person might retire at 30, and another might continue working well into their 70s.
Also, the types of expenses you have change after retirement.
Crunching the numbers isnt just about logistics.
Having debt you cant pay off is a sign you may not be able to retire, Kullberg said.
Even relatively low-interest secured loans, like mortgages, should give you pause before you retire.
Once you retire, your income shrinks, which means your expenses must follow suit.
For most of us, you simply cant afford to retire with a mortgage.
Theyre in for a rude awakening.
Medicare has gaps which are often excluded, explained Chris Heerlein, financial advisor and CEO ofREAP Financial.
These gaps include premiums, deductibles, copays and expenses for dental, vision and hearing aids.
Explore ways to cover these with insurance, as well, to minimize the risk of huge unforeseen costs.
But what if you also care for a dependent?
The math changes when you add another persons living expenses into the mix.
You Still Love Working
When you do work you love, why would you want to stop?
I love what I do every day and cannot imagine just retiring, she said.
Some workers retire from a high-stress job to a more fun one, or even to working part time.
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