Rolfe: Is there a right time to retire?

Retirement is about YOU — your values, your priorities and your dreams for the future.

Is there a "right" time to retire? There is — the time you determine works best for you.

Thinking about retiring early? Consider the consequences associated with that choice:

You might be giving up prime earning years during which you could be adding to your retirement savings.

The earlier you retire, the longer your accumulated assets must last.

If you begin collecting Social Security benefits as soon as you are eligible (age 62 for most people), your benefits may be 25% to 30% less than they would be if you wait until age 66 or 67. Because you're not eligible for Medicare until you turn 65, you may need to purchase health insurance and/or pay for out-of-pocket health care prior to age 65.

Thinking about delaying retirement? That choice comes with certain advantages.

The longer you work, the more you can contribute to your retirement savings.

If you postpone tapping into your nest egg, you reduce the likelihood you will outlive your money.

By waiting until full retirement to collect Social Security benefits, you may increase future benefits.

Continued employment may also include continued access to company-sponsored health insurance.

Of course, the decision about when to retire is yours, and should be made with your unique circumstances in mind. If you'd like to discuss questions about the timing of your retirement, let's connect.

Robert Rolfe is financial advisor at Harmony Financial Services (HFS). Securities and advisory services are offered through SagePoint Financial (SPF). SPF and HFS are separately owned. www.harmonyfinancialservices.com