Early Retirement and COVID-19

Early Retirement and COVID-19

Early retirement and COVID-19 might seem unrelated but the pandemic is affecting industries from airlines to schools, and forcing some to make difficult choices.

Retirement and Savings

It is a huge decision to retire early, and it makes a bigger difference if you're given a choice or not. If your savings are not equal to what you will need, you may want to pass on the offer so you can continue to work and save.

If you've been told that you are eligible for early retirement through your company, you can try and negotiate the best deal you can. You may be able to bargain for continued insurance coverage, extra payouts for unused vacation, etc.

Retirement and COVID-19

Of course, early retirement may not be an option, especially as a result of the virus. If that’s the case, you should still save as much as possible for retirement. If retiring early is a goal, stick to the plan, even if that means forgoing things you don’t need. Working from home? Maybe you can ditch the car for awhile. Avoiding ordering out too often. And maybe it’s a good idea to stay off Amazon for awhile.

Lastly, it’s important to work with a financial planner or advisor. It’s especially true during these uncertain times. Together, you can formulate a plan to get through the current crisis and be ready to retire when you want!