Connect with Danette : https://linktr.ee/trunorthwealth
If you’re considering retirement before the age of 60, there are a few key things you must consider to ensure you’re financially prepared.
You need to have an understanding of how your age will affect your social security payout, how you plan to pay for health insurance, what penalties you may incur for withdrawing early from an IRA, and what the ups and downs of both inflation and the stock market mean for your retirement.
In this episode, I cover how social security, Medicare, IRAs, inflation, and the stock market can impact your decision to retire early.
Remember to talk with your financial planner to help with early retirement decisions.
In this episode, you’ll also hear:
Must-listen moments:
[00:06:03] You could have a different time frame in your mind, but any time we're talking about under the age of 60, I would consider that early retirement.
[00:11:24] Keep in mind for early retirement that accessing money from accounts like IRAs is going to be a little bit of a challenge.
[00:12:57] When Social Security was enacted they set the retirement age at the age of 65, and our life expectancy at the time was 67. So, when social security was enacted, the government didn't expect that they would be paying out for years and years.
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Connect with Danette:
E-mail: Danette@TruNorthWealth.com
Phone: 775.364.0010
Follow Danette Lowe on LinkedIn:
https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/
Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement
Social Security - https://www.ssa.gov/myaccount/
This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.