The article discusses the impact of income loss on financial plans, particularly focusing on individuals considering early retirement due to job loss. It presents a case of a couple in their late 30s facing a tough job market with a significant asset base of $3 million and a high salary of $550,000. While they can potentially live on one income, the stress of less financial certainty leads to difficult decisions about employment and retirement. Seeking guidance from a financial advisor is recommended for those contemplating leaving the workforce permanently, ensuring they make informed choices.
Some people end up retiring early because they want to. Others end up retiring early because they lose their jobs and can't find another one.
A tricky but manageable situation to work though. A $550,000 salary may seem like it would be more than enough to live on, but in a very high cost of living area, it could disappear pretty quickly.
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