Solutions 4 Financial Independence: 04/18/17

BRIDGEPORT, W.Va (WDTV) - Question: "How do you know when it's time to retire?"

Answer: (John Halterman, Beacon Wealth Management) "I get this question all the time. People come to me and they tell me they are tired. They tell me that they are tired of the bureaucracy of work. What I tell people is, there's a couple obvious things that let you know if it's time to retire.

"Number one you go to have the finances in order to be able to retire. So if you have enough sources of income that can produce the amount of money that you need on a monthly basis, then definitely from a financial standpoint it could be time to retire.

"The thing that i think is underplayed, and we don't think about a lot is what are you going to do? Because what you do in retirement is going to determine how fulfilled you are. I see so many people who retire just because their friends retire and then the next thing you know, they didn't have anything to do.

"A lot of times people think well I'll go golfing or I'll go pick up a hobby. Unfortunately those hobbies don't last long enough to where you do them everyday for 20 years. So definitely look at whats your purpose, what are you going to do.

"You know the people that I see have the most fulfillment a lot of times are people who either have family that they plan on doing things for or people who volunteer and participate in their communities.

"So if you know those things then definitely, it may be time to retire."