You’ve been fantasizing about your retirement for so long you can almost picture every single moment of it already. You know just what you want to do and are so excited for that day to finally arrive. But when will it?

If you’re crippled by the uncertainty of when you’ll be able to afford to pull the ripcord and start living your life on your own terms, let’s look at some indicators that will help you decide when the right time is.

You’ve Pictured How You’ll Spend Retirement

Unless you’re so wealthy it doesn’t matter what you’ll be doing during retirement, you need to have a lock on what your retirement will look like. Are you traveling? Playing golf at a country club every day? Are you always on the go, dining out in nice restaurants?

If so, you’re going to need more funds than you would if you just want to hang out with your grandkids and play cards with your buddies.

That’s why it’s crucial to know exactly what you’re planning to do with your retirement – it can make a big difference to your bottom line.

You’ve Looked at Your Debts

Ideally, you’ll have no debts when you enter into retirement. But unfortunately, that’s not the reality for a lot of people. You may have credit card debt, a car loan, or a mortgage still. And that’s okay, but you’re going to need more income to cover those debts.

You’ll need to have a good grasp on what you currently owe before you’ll be able to determine if you can afford retirement.

You’ve Crunched the Numbers

After you know how you want to spend your time and how much debt you have, you can start making real calculations about how much money you need for your golden years. Don’t forget to add some extra for medical costs because they tend to increase every year and show no signs of slowing down.

After you have a budget in mind, look at your investments and Social Security and determine if it will be enough to cover your bills year after year.

Plan on longevity because you may end up living a lot longer than you anticipate. You’d hate to run out of money when you’re in no shape to go back out into the workforce. One way to almost guarantee that you’ll have enough money to last as long as you live is by only withdrawing 4 percent of your retirement investments each year.

If you can’t swing retirement while only withdrawing 4 percent of your money, you might need to look at working longer or taking on part-time work in retirement.

Your Spouse’s Plans

You need to factor in your spouse’s feelings about your impending retirement too. Does your spouse plan to keep working after you retire? Will you still be okay financially if they have a change of heart and decide to retire soon after they see you having so much fun without them?

You’ll need to plan this next adventure out together so neither one of you feels cheated or upset. Then you’ll be ready to bid working life goodbye and get on with this next act of your life.