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the road ahead to early retirement brian bowen of integrity financial planning provides the top 10 things to consider

10 Things to Consider When Facing Early or Unexpected Retirement

July 13, 2020

Many companies are offering early retirement incentives, laying off workers, and in some cases, closing their doors entirely. On the other hand, some workers, especially those with health conditions that make them susceptible to illness, are worried about what returning to the workforce may look like and are considering retiring early despite having a stable job. Even if you’re confidently going back into the workforce, so much about the current economic and health situation we face remains unknown. The  June Jobs Report paints a slightly rosier view of the economy, but economists like Allianz’s El Erian  say layoffs at bigger companies like United Airlines and Bed, Bath & Beyond may indicate we are in for a slower recovery than they had initially anticipated.

The Top 10 Things to Consider When Retiring Early:

  1. Gather all the facts regarding your pension and deferred compensation options in writing, not second hand from a friend who looked into it or recently retired
  2. Determine how you will address medical expenses with Medicare and supplemental insurance, particularly prior to age 65
  3. Spend the time to put together a realistic, comprehensive retirement budget, including travel, gifts, and any discretionary spending
  4. Do your homework if you plan to move, then discuss it with a planner before you make any decisions
  5. Retirement can last 30+ years…have a plan for staying active and engaged
  6. Be sure you have up-to-date estate documents—will, medical and financial Powers of Attorney, possibly a trust
  7. Talk to a planner years before you retire so you have time to make the necessary adjustments that will make it a reality.  If you don’t have the luxury of time, contact a planner to help guide you through the process
  8. Make sure your physical, vision and dental checkups have been completed, including immunizations
  9. If you’re under age 65, research the options and costs of health insurance until Medicare is available
  10. Begin conversations with your adult children about your finances and final wishes

Honest Takes:

There isn’t a one size fits all guide when it comes to retirement, and facing an early retirement decision can seem stressful. However, taking control of your situation is the first step.  Check off whatever you can on the list above, and then prioritize the remaining tasks.  While the list above includes our top things to consider, it may not take into account your individual needs.  Do you have enough to retire? Should you reevaluate your investments and see if you are taking on too much risk? These are all questions we can help you answer.

If you’re ready to take the next steps give us a call or click here to book an appointment. We are available to meet virtually, over the phone,and in person.

The Host:

Brian Bowen – Contact

Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the top things you need to consider when facing an early retirement