Podcast Episode 430: Should I Work 5 More Years or Retire Early?
Prefer to watch? Click here to watch and listen.
Without a paycheck, how do you know if you can support your lifestyle after retirement? This is one of the most common questions people have when approaching this milestone. Deciding when to retire isn’t just about the date on the calendar, it’s about confidence in your future.
In this episode of Money Wisdom, Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® explore key factors that shape the “work longer or retire early” decision.
Can You Support Your Lifestyle?
Life doesn’t stop when your paycheck stops — you still need to support your lifestyle as the cost-of-living increases. First, take inventory of your assets, and then determine what income sources you’ll have and what your lifestyle costs. With a solid plan in place, you can find ways to bridge the gap between your future income and expenses.
Whether you have a retirement date in mind or wish to continue working, one question likely remains: Will you be okay? From there, you can assess whether your current withdrawals are sustainable and tax efficient. But even though tax planning is important, remember to let your lifestyle drive the plan, not the tax code.
What Are Your Goals?
Retirement planning is often goal-based. The reason some people want to work another five years is because they haven’t accomplished a financial goal. That may be becoming debt-free, saving for a second property, or helping kids or grandkids.
When you realize you’re working because you want to, not because you have to, it changes your whole mindset. Sometimes people simply need the reassurance of knowing they could retire tomorrow if they chose to.
When Does it Make Sense to Work Longer?
Working longer full-time is a great opportunity to maximize your retirement savings, especially with the employer match. Waiting can also increase your Social Security benefits and help you delay withdrawals during volatile markets. If you’re not yet 65, working a few more years can also offer healthcare coverage until Medicare kicks in. Ultimately, for many people, work provides a sense of community, purpose, and social connection.
If you’re still unsure of when to take the plunge, consider speaking with a professional. A financial advisor can help you determine how you want to spend your time in retirement and what date best aligns with that vision.
Are you wondering if you’re ready to retire? Get your free Are You Ready to Retire? Starter Kit by texting “KIT” to 800-757-0436.
Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
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