There are really two questions involved here: when do you want to retire and when can you afford to retire?

Run the numbers before you decide. Though more than half of Americans claim Social Security benefits well before the normal retirement age of 66, delaying retirement until then makes a huge difference in benefits. Better yet are options that utilize spousal benefits and late retirement to really boost benefits.

Where possible, it’s smart to save 10 to 15 percent of salary, including employer match. Most retirement planners recommend saving enough to replace at least 70 to 85 percent of preretirement income, and withdrawing about 4 percent the first year you retire. You may want to consolidate your IRA and 401(k) accounts, though some offer investment advantages. You want enough savings to fund 25 to 30 years of retirement. And don’t forget taxes; IRA withdrawals are taxed as ordinary income.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

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