Dec 9, 2020
There have been so many interesting articles floating around lately on how the COVID-19 pandemic as affected retirement. Some of these statistics are absolutely astonishing!
Recent research has found that millions of Americans who lost their jobs during the early months of the pandemic have decided to call a quits early. (Market Watch article in May of 2020.)
Before COVID-19 came along, people over the age of 55 represented 25% of the American workforce. There were more workers over the age of 55 than under 30. In the course of just a few months, that ratio reversed!
In this 2 part series were going to layout some ideas for Retiring Early and discuss 6 steps to consider, just to get started and wrap your head around this idea of Retiring before you originally planned!
Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of this as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.
(1:20) Practical Planning segment: We talked about how the ratio has basically reversed…where older Americans are retiring early, and now younger Americans make up more of the workforce. the direct result of COVID-19
Even if the younger workers had hours reduced or maybe have been laid off, they are seeking and plan to resume work in the future. The future is not so rosy for mature workers. We don't know what the normal on-site work environment will be like a year from now.
Those over 55 may not want to take chances with their health and they have been saving for decades. They're not about to miss an opportunity to enjoy retirement just to work out a few more years in an unsafe environment. So, they are thinking about retiring early!
(4:30) Unfortunately, not everyone is in a position to retire right now, at least not the way they originally planned. However, if you find yourself considering early retirement what are some of the steps you should consider to get started.
(8:15) We have identified 4 forms of risk you need to discuss:
(17:35) Coachable Segment: What I simply want you guys to do today is go through those six ‘get started’ items. And write them down.
On our next episode we will give you ideas on how to create “bridge income” This is income you need to bridge that gap between retiring later vs retiring early! Unfortunately, that may mean tapping assets that will reduce your nest egg. However, there are ways to avoid depleting assets, or at least eliminating early withdraw fees attached to some retirement accounts.
Final Disclaimer:
“We appreciate you joining us today for this episode of The Fiscal Blueprint.
Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.
Remember it’s not about the money but about your life!
Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!
“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and no guarantee of future results. All indices are unmanaged and not available for direct investment.”