While I’m an advocate for phased retirement – versus a sudden full stop – having a goal date and timeline is still an important motivator. Being able to count down to the date when your full-time work ends and some new type of work begins is not only motivating, it’s exciting!

When I ask one of our friends, “How many days?” she can tell me the exact number of days until her retirement in 2024.

But how should we approach setting that date? There are a number of factors to consider.

The main ones I think are worth considering are your financial situation, your personal goals and priorities, and your health.

One of the key factors to consider when setting a retirement date is your financial readiness. Take a close look at your savings, investments, and potential social security benefits. Consulting with a financial advisor can provide valuable insights into whether you have accumulated enough resources to retire comfortably.

Your health also plays a vital role in determining the right retirement date. If you have health conditions that may impact your ability to work might drive a decision to retire earlier. Or if you’re in good health and enjoy your work, you might work longer. OR you may start a phased retirement and use some of the freed-up time to focus on better health and exercise!

Most subjective are your goals – what do you want to do in your retirement? Do you dream of traveling and exploring new places? Or perhaps you long to spend more time with family and friends? Maybe you have new hobbies or interests you wish to pursue. These can drive timing of your choice of a retirement date.

Finally, even though you set a target date and start the countdown, it’s important to keep in mind that your retirement date can be adjusted as circumstances change.