Is Now a Good Time to Retire?

In Articles, Articles: Kansas City Office, Articles: Salt Lake City Office by Scott Dougan

Is Now a Good Time to Retire? Here’s How to Decide

Whenever someone says, “This time it’s different,” most of us instinctively raise an eyebrow. After all, a few decades of life experience teaches us that history tends to repeat itself. We’ve seen market crashes, recoveries, inflation, and political squabbles before. And yet, when it comes to retirement, this time truly can be different, because for you, retirement isn’t a repeat. It’s your one shot.

Sure, kids get to experience everything for the first time – and that’s what makes their outlook so refreshing. But for adults, especially those approaching retirement, the terrain suddenly feels unfamiliar again. That’s because even if the concept of retirement isn’t new, the circumstances surrounding your retirement are unique. You only retire once, and the financial landscape you’re stepping into may look very different than you imagined.

What Makes This Time Different?

Let’s look at the facts.

Savings accounts are only just beginning to pay meaningful interest again? That wasn’t the case for years. When interest rates are low, that makes it hard to generate income from conservative investments. At the same time, stock market volatility has reached dizzying levels, prompting many retirees to check their portfolios far more frequently than they ever did in their younger years. And then there’s Social Security, a program that once felt rock-solid but now has people wondering about its future solvency.

The result? A perfect storm of uncertainty. You’re approaching (or in) retirement during a time when:

  • Safe investments struggle to keep pace with inflation
  • Market swings can feel like emotional rollercoasters
  • Government programs face financial pressure and public skepticism

This time really is different.

So, What Should You Do?

First, accept that you probably can’t wait for perfect conditions to arrive. Retirement won’t hold off until the market is calm, interest rates are attractive, and the government is fully funded and humming along with efficiency. So instead of timing the market, you need to prepare for the moment you have – not the one you wish you had.

Here’s a practical checklist to help you navigate retirement in an uncertain world:

  1. Clarify Your Income Needs

Know exactly how much income you’ll need to live the life you want in retirement. Factor in daily expenses, hobbies, travel, healthcare, and inflation.

  1. Develop an Income Strategy

Decide how you’ll generate income from your nest egg. Will you rely on dividends, bond interest, annuities, or systematic withdrawals? Consider allocating part of your portfolio to reliable, predictable income streams, even if that means giving up a bit of potential growth.

  1. Eliminate or Reduce Debt

The less debt you carry into retirement, the less income you’ll need to sustain your lifestyle. Paying off high-interest or unnecessary debt reduces risk and increases peace of mind.

  1. Maximize Guaranteed Income

Optimize your Social Security claiming strategy and make the most of any pension benefits. These are lifetime income sources that can help you weather market storms.

  1. Plan for Long-Term Care

Prepare for the possibility of needing extended care. Whether you purchase long-term care insurance or build a financial reserve for potential costs, this is one area that can derail even the best-laid retirement plans.

  1. Manage Your Tax Liability

Every dollar saved in taxes is a dollar that supports your retirement lifestyle. Look into tax-efficient withdrawal strategies, Roth conversions, and charitable giving options to lower your tax burden.

  1. Review Your Plan Regularly

Life changes. So should your plan. An annual check-in is a great way to stay on track, but if you’re within five years of retirement or recently retired, consider more frequent reviews.

You’re Retiring in a Unique Era – So Plan Like It

It’s true – there’s never been a retirement landscape exactly like this one. But you’re also not like everyone else. Your values, your goals, your experiences, they’re all uniquely yours. That means your plan should reflect that uniqueness too.

The challenge of today’s environment can’t be denied. But the good news is that thoughtful, well-informed planning can help you navigate it successfully. Retirement success doesn’t require perfect timing; it requires personalized strategy and preparation.

So yes, this time it’s different.

But so are you.

Plan accordingly.