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Is Retiring Early A Mistake?
October 26, 2020
Due to the pandemic, many people are faced with an early retirement decision this year. This is either by choice because many people are getting used to being at home and enjoying it, or through companies cutting back and offering people incentives to retire early. Again, this is happening this year more than ever, but it does happen every year. So how do you know if retiring early is a mistake?
The ultimate goal for everyone is to retire at some point in their lives. For some people it may happen earlier than they originally thought, and obviously, that can be wonderful. However, you have to make sure you have everything planned out and addressed for your retirement before you actually retire. This is especially important if you are retiring at an early age because that puts much more strain on your retirement plan to last longer in retirement. So it’s very important to have your ducks in a row when you make that ultimate decision because many times it is very difficult to get a job back or to go back into the workforce after you have retired.
The first thing you need to make sure you have before you make that decision to retire is a coherent and organized plan. Two years ago, Andrew Luck abruptly decided to retire from the NFL. This was an absolute shocker to everyone. But do you think he did that out of the blue? Do you think he made that decision without any planning beforehand? Probably not. I am sure he thought that through and had a plan before he told the world.
So before making a decision to retire, you have to make sure you have a coordinated plan that will cover all areas of retirement, such as health care, income planning, tax planning, legal documents, and proper wealth management as well as many more areas. To learn of all the many factors that must be considered before making a decision to retire early, feel free to reach out to us at Heritage Solutions Group at 801-727-8780.
Investment Advisory Services offered through Brookstone Capital Management LLC, a Registered Investment Advisor. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. This information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Content is provided by third parties for informational purposes only and is not a solicitation to buy or sell any products mentioned.
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Investment Advisory Services offered through Brookstone Capital Management LLC (BCM), a SEC Registered Investment Advisor. Heritage Solutions Group and BCM are independent of each other.