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A record number of Americans are retiring. Should you follow suit? Read the article from Forbes below.READ THE ARTICLE
An early exit: In addition to a “life is short” mentality brought by the pandemic, many of today’s Baby Boomers are also experiencing a surge in assets, including corporate equities, mutual fund shares, and real estate. All of this combined together is paving the way for pre-retirees to shift into retirement. However, before you decide to do the same, there is a myriad of critical questions to ask yourself beforehand:
📌How long will your savings last? Know that the earlier you retire, the more savings you will need to support your lifestyle
📌When should you begin taking Social Security? The earliest you can begin receiving benefits is age 62, but there’s also an incentive to delay, so navigating which option works best for you is imperative
📌How will you pay for healthcare? Keep in mind, this could be one of your largest expenses, and you won’t qualify for Medicare until age 65
📌Are you prepared to weather the next downturn? Meeting with a trusted financial advisor, minimizing risk in your portfolio, and creating a solid retirement plan will help protect your lifelong savings
📌Can you un-retire? Maybe retirement sounds great in theory, but what if it's not what you expected?
Figure in a fallback: I cannot even begin to tell you how many clients are gung-ho on retirement, only to un-retire after a few months, or years, in. Don’t just test out retirement, but have a plan to un-retire as well; just in case you change your mind.