We all likely know someone who is retiring. No matter their age, their retirement might make one wonder if they can retire, too. Well, it depends on many factors - perhaps, most importantly: ”How much money do you have and from where does it come?” There is a big difference in having a guaranteed pension or possibly a corporate buyout with attractive terms than someone having an underfunded 401(k) or no savings at all. Other considerations might be asset liquidity, availability of retirement plan distributions without penalty (how old are you?) or Social Security payments. Are you married or a single earner? What kind of lifestyle do you live - do you spend a lot or are you frugal? Yet, there are those who may be ill and may wish to retire to enjoy quality of their life. Then there are those who wouldn’t know what to do with themselves if they didn’t work. Retirement is such a personal decision and it’s a personal conversation to have not only with your spouse/partner but also with your financial professional. Put your cards on the table and see what hand you’ve been dealt - and do so early so that there’s time to make any necessary adjustments.
This information is provided for educational purposes only and not as a specific recommendation for any individual.
Seek professional advice before taking any action in regard to your finances.