Questions to ask yourself if you plan on retiring in 2014

Every hardworking American dreams about someday leaving the workforce in order to enjoy a well-earned retirement. However, with the national economy on increasingly rocky footing over the past decade, that prospect has become harder and harder for many in the United States to attain. There are a lot of lucky Americans, though, who have been wise about wealth preservation and protecting their assets, who feel that 2014 may be the year to officially hang up their hats and enjoy their old age. If you are part of this demographic, take a moment?} and ask yourself a few questions before committing to retirement too soon.

In a recent piece from FOXBusiness News' Money Tree blog, writer Kathryn Buschman Vasel recommends that you really make sure you have enough money saved, as many individuals underestimate their abilities to live without a regular paycheck. After identifying all of your living expenses, look at your sources of income, including Social Security, pensions and 401k.

"Now you subtract your expenses from income, and you will either get a positive or negative number. If it's negative, that means you haven't accumulated enough to live out your dream retirement and may have to adjust accordingly or stay in the labor market," the author says in the article.

You also want to make sure you have made a dent in putting all of your debt aside, as well considering a shift in your investment strategy. According to the source, you also need to be well aware of what sort of macro-economic cycle is currently taking place. Since the late 1800s, the average bull or bear market has alternated over the course of 17 years, so this long-term consideration can also help dictate if waiting another few years to retire is the best bet for you.