I Plan to Retire Earlier Than Expected
Retirement Scenario
Steve (61) and Margaret (57)
Plan for Early Retirement
My retirement date has been accelerated. Do I have enough resources?
Congratulations. If you’re reading this it’s likely that you’ve done the right things to put yourself in a good place to retire. You may not feel that way now. That’s normal. Many of our clients don’t feel that way either at first. But after working with us to envision and create a well-planned retirement, they feel confident and excited about their futures. (Well-planned does not mean this is going to be hard. We don’t think it will be.)
Many people might think early retirement sounds great, but the idea of retiring early can be unsettling when it comes in the form of an unexpected retirement offer (voluntary or involuntary) from an employer. Many people have worked long and hard at businesses only to find that their employers don’t share the same level of loyalty, especially during uncertain economic times. If you are considering an earlier than expected retirement because of a voluntary or involuntary retirement offer, please read on to learn more.
Background:
Steve’s employer recently offered him an Early Retirement package as part of a corporate restructuring plan. Steve (61) and Margaret (57) thought they would retire in five-to-seven years. Now, planning for their retirement has been accelerated. They are asking themselves questions such as, “Can we? Should we?”
They feel as if they have done a good job saving and investing, but they hadn’t planned on retiring at this age. They have around $1,200,000 in retirement accounts and another $100,000 in other savings. They will also have Social Security and a small pension.
They’re seeking a professional opinion on if retiring now is even in the realm of possibility. If it is and they do retire now, what are the trade-offs as compared to the timeline they had originally planned?
After getting to know the couple, Hunt Country Wealth Management will design a Sovereign Series™ Retirement Plan with the following goals:
- Understand the pros and cons of retiring earlier versus later.
- Provide a professional opinion on if it’s advisable to retire now
Analysis for retiring early would include how to:
- Defuse the risk of a bad stock market derailing their retirement.
- Optimize their Social Security and their pension plan.
- Preserve their principal.
- Protect their standard of living against inflation by planning for a rising income for 30 years of retirement and beyond.
- Plan for health insurance costs until they reach age 65 and qualify for Medicare.
- Show exactly which retirement savings accounts to use first, when and how.
- Create a system for how their income will be directly deposited in their bank account and taxes will be withheld.
Expected Results for Steve and Margaret:
- Steve and Margaret know the tradeoffs of retiring early versus waiting until their original retirement date.
- They’ll have assistance in understanding their retirement plan offer in order to make decisions that are in their best interests.
- They’ll know how much income they can expect in retirement if they retire early versus if they wait.
- When they do retire, whether early or at their original retirement dates, they will be confident they made an educated decision based on facts and what is in their best interests.
- With HCWM by their side, planning was easier than they thought.
Read Additional Scenarios:
Retirement Scenario | I’m Ready to Retire
Retirement Scenario | I Recently Experienced a Financial Windfall
Retirement Scenario | I Plan to Retire in Three-to-Five Years
Retirement Scenario | I Recently Lost My Spouse
Retirement Scenario | I Have a Dependent Child
Our Services
Looking for retirement assistance? Look no further! At Hunt Country Wealth Management, we specialize in retirement planning. We offer two services tailored to your needs as you approach retirement. Our Retirement Audit™ is a quick way to find out if you're on track and help you prepare. The Sovereign Series™ Retirement Plan is a comprehensive in-depth financial plan that provides a roadmap to transition into retirement with confidence. Not sure which service you need? We can help with that too.
This service was designed for those who want to...
- Feel confident and prepared for retirement.
- Know the amount/regularity of income your resources can produce.
- Have control over your financial future and clarity of direction.
Looking for better control over your investment strategy? Align your investment portfolios with your goals using our exclusive Guided Investing™ service. Our comprehensive investment management helps you create a strategic plan, with tailored strategies to optimize and preserve your resources. It starts by identifying your goals and can be personalized for retirement, wealth building, risk management, or multiple objectives. Feel supported and empowered as you make progress towards your financial milestones.
This service was designed for those who want to...
- Feel more confident in their investment decisions.
- Design a strategy to reach planned financial milestones such as retirement.
- Collaborate with a professional to manage risk and monitor performance.
Are you interested in discussing a unique financial situation? If you have any general financial or investment-related inquiries and prefer a collaborative approach to address them, we would be delighted to assist you. Our Hunt Country Hourly Planning™ service offers financial advice on an hourly basis, without minimum asset or income requirements. With tailored recommendations and insights from our experienced professionals, get answers to your questions and valuable guidance.
This service was designed for those who want to...
- Gain clarity on intricate financial situations with professional guidance.
- Make informed decisions on personal finances, investments, or estate planning.
- Access financial advice as needed.
We believe retirement should free you. It all starts with a plan.
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