How do you determine when you can retire?

According to CNN, individuals can determine retirement readiness by estimating the amount of money needed to maintain their current lifestyles throughout retirement and calculating future income from social security, retirement accounts and other investments. If these sources of income cover future living expenses, the individual is ready to retire.

CNN recommends using an online calculator to determine the best retirement age or the amount of money necessary to retire. This calculator considers a combination of age, cost of living, investments and income to provide feedback. While online tools are helpful, anyone considering retirement should seek investment advice from a professional.