In this video, we are discussing the reasons that cause people to retire earlier than planned and what you can do to prepare for such events.
Setting a retirement date is important for several reasons such as; understanding your retirement timeline, calculating the savings rate needed to acquire enough money to retire on time, and ensuring you don’t outlive your retirement account.
Shockingly, more than 50% of people who had a planned retirement date didn’t retire on or near that date. The largest reason was due to an illness or disability. Poor health resulted in having to leave the workforce early. Many people do not plan for this and it’s why using a financial advisor and having a written financial plan is vitally important.
Leverage the knowledge and experience a financial advisor has in helping people develop a contingency for unexpected job loss or permanent ability to work as in the case of poor health.
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