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5. Your debts are (nearly) paid off
Paying debt in retirement cuts into what you can spend on doing the fun things you've waited years to do, not to mention paying for necessary items such as utilities, taxes, food and home maintenance.
"My guidelines for early retirement include asking clients first whether their home is paid off," says Curtis Chambers, a financial adviser with Chambers Financial Group in Clearwater, Florida. "If it is not, then retirement is not on the radar screen. Second, do they have debt? If they have debt, they are probably not ready to retire."
Consolidate your debt and pay it off faster with a personal loan. See the most current rates at Bankrate.com.