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Retirement lessons from the pope

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    Fox Business Network's Nicole Petallides weighs in

  • Duration 3:40
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Just like solid Pope Benedict made his shocking announcements this week that he be stepping down it was the first time in almost 600 years.

That a Pope retired from what is always a life long position.

But there are planning professionals who also have lifelong careers so if you're one of them how do you know when you should call it quits here with the answers.

Is Fox Business networks and Paul -- pinnacle air maybe some good ideas I don't know if I have the -- because this is a tricky topic.

So how do you know when it's a good time to retire but we have to we have -- -- -- -- -- at the list of yes and when you should retire when you really should like set sat back so let's start with some ideas.

-- have a solid nest egg and you have you know it takes a lot of money to retire so they're saying you should have about 300.

And 63000.

Dollars saved up -- typically most people have about a 120000.

It's it's -- costs a lot of money to retire and if you -- -- spending more it'll be more yes the live within your means.

I get to -- withdrawals those will be some things also there's no penalties if at 59 have to take Britain to take out from -- IRA at sixty to start with Social Security.

But all of these things get exhausted I mean if you can stay on and continue with your pension and matching and for a few more years and you're not miserable.

You probably should stay on but those other reasons than the last one would be you have hobbies and things that you in your spouse agreed on that you would love to do -- That'd be fun right when -- beats tennis maybe it's traveling.

What ever and so that's your yes less well how do you know we -- -- -- how do you discern between feeling frustrated with your job wishing you had more time -- doesn't wish that.

And really knowing it's time.

To -- so -- so it in the research that I've done and I was looking at the reasons for -- so a couple of them first saw a lot of it is monetary so if you have.

Dad's credit card -- you have -- your co -- your kids are in college those types of things that really add -- you may want to avoid that.

Also got car in house concerns is your car making a crazy noise.

Is your roof leaking he's gonna cost a lot of money to add to that get that up and going.

I don't think any rash decisions are you recently divorced or widowed in the last thing that I came up when my research was.

He really and this really is just so obvious are you passionate about what you're doing are you an on -- nor are you -- CEO are you professor.

Is -- that kind of thing that.

If you went to a party and you and you saw some but aren't you the guy he's -- that great Italian restaurant.

Did you -- the CEO of that company that I you know whatever if you're gonna go to a party in someone's gonna say that's you -- that's just gonna killing you.

Thank you then you probably should stay on and stick with what you're passionate about that's about -- -- -- so many people -- looked at retirement as the brass ring you know that there -- sort of aiming for.

But your identity is wrapped up in your career and I think people underestimate -- sometimes -- they'll feel when they retire right and they -- the golden years and a lot of people that you speak with in their golden years are a little less happy than they thought they -- because personal.

It costs a lot of money to retire was -- a middle ground I mean should you go from forty hours a week to zero maybe could be twenty so happy mention that because I was looking at part time work you know they they there's always that stigma about being welcoming person -- Wal-Mart.

-- to trying get that part time work is extremely difficult and so that's the other part of it.

But -- -- worth doing Bryant have been -- I don't think and the other that the statistics of how many people retire in the age of retirement has been going up it's it's up to 67 it was 63 decade ago in the mid ninety's it was age sixty.

So obviously that's going up and I'm figuring by the time I'm ready to retire probably not her -- it won't be any denying -- I'm thinking mastermind and if you.

And it's a -- and yeah Nicole I think under --

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