Key Private Bank
Vito P. Gioia
Michigan Market Manager & SVP
Q. In light of COVID-19, I’m considering accelerating my retirement. What are some things I need to consider?
A. If you are considering early retirement, you’re not alone. Since February, the number of employed workers over age 55 has dropped 7 percent, signaling an uptick in people who have decided to retire early.
However, the shortened savings runway that comes with accelerating retirement holds many monetary implications, even for those who are financially well-off. If you’re weighing the option of early retirement, keep these five financial tips in mind:
- Match expenses to income
- Evaluate your retirement accounts
- Protect your investment portfolio
- Think strategically about Social Security benefits
- Consider your health insurance options
You should also meet with your wealth management team to review your overall financial picture. They can help you assess your options and answer any questions you may have.\