Trying to find the perfect age to retire? Start by asking yourself these 5 questions

1. Do you have any health concerns?

Men in America have an average life expectancy of 74.8 years, while women can expect to live about six years longer, to age 80.2 years, according to the CDC’s National Center for Health Statistics.

However, the number of centenarians — those who live to 100 or older — is expected to more than quadruple to about 422,000 people in the U.S. by 2054. But if you have an underlying medical condition, that could impact your quality of life in retirement.

It could also impact your pocketbook. Medicare doesn’t cover all of your medical expenses, nor does it cover the cost of long-term care.

The Fidelity Retiree Health Care Cost Estimate says that couples will pay an extra $315,000 over the course of a 20-year retirement for co-pays, deductibles, premiums, prescriptions and other medical-related costs.

Choosing when to retire is a balancing act: you don’t want to work to the point where you degrade your health (especially if you have an underlying condition), but you want to have enough to cover extra medical expenses.

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2. What type of work do you do?

If you’re accustomed to a certain lifestyle, you may want to delay retirement to ensure you can continue living the life you want.

However, if your job involves physical labor (or standing all day), you may end up retiring earlier than anticipated because of the toll it’s taking on your body.

At the same time, if you love what you do and aren’t ready to retire — and are still healthy enough to do it — there’s no rule that says you have to retire at a certain age.

3. What’s your marital status?

Whether you’re married, divorced, widowed, or single, your marital status is a consideration when determining your ideal retirement age.

If you’re married, you’ll have a combined nest egg, but you’ll also need to consider your partner’s age, capacity to work, and medical needs.

A single person typically needs to save more for retirement, and divorcees may have to split their retirement savings; pensions are also often considered joint property.

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4. Are you supporting adult children?

If you’re supporting any of your adult children (or grandkids) financially, that could delay your retirement plans.

And you wouldn’t be alone: a recent survey found that 68% of parents in the U.S. have made financial sacrifices to help their adult children.

If that’s the case, you’ll need to consider rent support, an allowance or another form of financial assistance as part of your retirement plan. You may even want to leave them an early inheritance for tax purposes.

5. Do you have enough money?

Perhaps the biggest factor to consider is whether you have enough money to live your best life in retirement.

Start by figuring out how much you’ll need in retirement, adjusting for inflation, and then figuring out how much you’ll bring in, including your Social Security benefit, pension, retirement savings and any other sources of income (such as renting out your basement or taking on a part-time job).

Consult with a financial adviser or use a retirement planning tool to figure out if your expected income will meet your retirement expenses — and what gap you’ll need to close.

You can boost your income by delaying retirement, taking on a part-time job in retirement, or downsizing to a smaller home or cheaper state.

You could also wait to claim your Social Security benefit. After you reach your full retirement age, each year you delay you’ll get a permanent bump of 8% annually until age 70.