"Jim" (66) and "Karen" (64) both retired in the last six months.
Jim has an IRA with $900,000, and Karen has a Roth IRA with $300,000. They inherited a brokerage account with $600,000 and a cost basis of $500,000. They have $100,000 in an emergency cash fund.
Jim is receiving his Social Security benefits of $2,600 per month. He also has a pension of $1,800 per month.
Karen is planning to start receiving her Social Security benefits at 67, for $1,900 per month.
Their total net worth is $2.7 million.
And now, just months into their retirement, Jim and Karen are wondering if they retired too soon. Do they need to jump back into the workforce to protect their financial plan against current market volatility?
On today's show, we analyze "Jim and Karen's" situation in the context of our broader economic moment and comprehensive planning principles. I hope this case study will help anyone who's close to retirement gain some perspective about whether market movements should affect your short-term or long-term financial goals.
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