Retiring earlier than planned

The pandemic has caused many people to assess their priorities, and if you are considering retiring earlier than originally planned, you aren’t alone.

Whether your job has changed due to COVID and is no longer as appealing or you’d simply like more time to spend with family, retiring early may suddenly seem like a more realistic possibility.

You may feel emotionally ready to retire, but it’s important that you make sure that you’re financially ready for it, as well. Retiring early may change your financial plan and require you to make some adjustments to your saving pre-retirement, expenses post-retirement, or both. Or it’s possible that you don’t have a financial plan at all, in which case it’s even more critical to take stock of your financial situation before you decide on retirement.

The question of how much you’ll need in retirement really is an individual one as it largely depends on your current lifestyle and how you want to live when retired.

Whether you choose or need early retirement, having a plan can give your money the best change of lasting the distance.