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Are You Still Planning to Retire Early?
Have your retirement plans changed because of COVID-19? If so, you have plenty of company. Nearly 40 percent of those planning to retire say the pandemic has disrupted their intentions, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. You might have been thinking about retiring early – can you still do so?
Even without a crisis, it’s not a bad idea to review your important life goals from time to time. So, in thinking about the possibility of early retirement, consider these factors:
After all, many employers have found that their workers can be just as productive working at home, so, even when we’ve gotten past COVID-19, we might see a sizable shift in the geography of the workplace. In any case, if your feelings about work have changed in some way, leading you to think you could work longer than originally planned, you’d likely gain some financial advantages. You’d make more money, for starters, but you’d also keep building your 401(k) and IRA, and you could even possibly delay taking Social Security.
The pandemic may lead to a reevaluation of many financial goals – and taking early retirement might be one of them. By thinking carefully about your situation and your options, you can come up with a course of action that’s right for you.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC
Are You Still Planning to Retire Early?Short /Radio version:
PSA: Are You Still Planning to Retire Early?
TBA: Dec. 14, 2020
Words: 182 (excluding FA’s name, address/phone number)
The pandemic has disrupted a lot of people’s retirement plans. If you were thinking of retiring early before COVID hit, can you still do so now?
Actually, even without a crisis, it’s a good idea to review your important life goals from time to time. So, you’ll need to consider a few factors when thinking about early retirement.
First, what sort of retirement lifestyle do you foresee? The more expensive it is, the more challenging it will be to afford an early retirement.
Also, try to estimate the income you’ll get from all your sources, including Social Security, your 401(k), IRA and other investments. The less you withdraw each year, the longer you can make the money last.
Finally, think about why you originally wanted to retire early. Do you still feel that way? If not, and you’re willing to work longer than you originally planned, you could put more money in your retirement accounts, which can prove quite valuable.
By evaluating your situation and options carefully when pondering early retirement, you can develop a course of action that’s right for you.
This is (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone #).
Number of Words:182