Would You Be Prepared for an Unplanned, Early Retirement?

Nearly half of current retirees retired earlier than planned. This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article discussing some steps to help prepare for the unexpected:

Most of us would prefer not to think about an unexpected (and unwelcome) early retirement, but it does happen frequently. In fact, nearly half of current retirees retired earlier than planned, and of that group, more than 60% did so due to changes at their company or a hardship, such as disability.

For that reason, it’s a good idea to take certain steps now to help prepare for the unexpected.

What You Can Do Now

Save as much as possible in tax-advantaged accounts: If you’re forced to retire earlier than planned, your work-sponsored retirement plans, IRAs, and health savings accounts (HSAs) could become critical resources. HSA assets can be used tax-free to pay for qualified medical expenses at any time, and you can generally tap your retirement plan and IRA assets after age 59½ without penalty. Although ordinary income taxes apply to distributions from pre-tax accounts, qualified withdrawals from…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

Please let Craig know that the Green Bay News Network Sent You!