The article discusses the challenges faced by individuals, particularly those in their 60s, who are forced into retirement unexpectedly, such as through layoffs. It highlights the financial strain of retiring earlier than planned, especially when savings may not support the desired lifestyle. The case of a 60-year-old individual with a $1 million portfolio is examined, emphasizing the importance of understanding expected expenses and sustainable withdrawals. The piece also suggests considering alternative income streams and the potential benefits of consulting with a financial advisor for effective retirement strategies.
Tapping into one's 401(k) earlier than expected can make sense, but it all comes down to one's expected expenses.
Retiring ahead of schedule may not be in the cards if the nest egg isn't in the right state.
A $1 million portfolio may not be fat enough to finance the most opulent of lifestyles, but it can provide sufficient funding.
Each advisor has been carefully vetted, and must act in your best interests, underscoring the importance of professional guidance in retirement planning.
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