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.
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What's included: 3 Steps to Planning an EPIC Retirement
Step 1: How will You Spend Your Time?
Step 2: Identify Your Income & Expenses
Step 3: Putting it all Together
Connect with Danette Lowe, CFP®
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Episode Summary:
1. Social Security: Social security looks at the highest 35 years of earning. If you're retiring in your fifties, there's a potential that your earlier years of working had a lower income and it could affect your overall estimate.
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