Mandates regarding COVID-19 have affected the way we work and live. While jobless claims have spiked, so has the number of people retiring. No doubt this is because of the increased risk of older people becoming infected. If you are considering an early retirement because of COVID-19, here are four questions you need to answer first.
{AUDIO} Considering an Early Retirement Due to COVID-19?
Why am I retiring?
COVID-19 should not be the main motive for retiring. Make sure you are retiring to something, not from COVID-19. Do not let all the hype, fear and negative headlines affect your decision. You retire when you are ready.
What options do I have?
Your decision to retire prematurely doesn't have to be "all or nothing". Is there a way for you to work part-time? Is there a way for you to continue to work, but work remotely for safety reasons?
Am I financially ready to retire?
In times of stress, we often neglect to consider the obvious like the financial piece to retirement. Not only have you saved and invested over the years, but have you developed the appropriate spending plan? What about health insurance?
Am I mentally ready to retire?
Never underestimate the non-financial impact of retirement. If you don't return to "normal" work after COVID-19 will you struggle with a lack of closure on your job or career? And, most importantly, have you considered your loss of purpose, community and activity?
If you need help deciding if retiring early is right for you, please, give us a call at 320.222.4236 or email me directly at [email protected].