Should You Speed Up Your Retirement Plans?

This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing four factors to consider before retiring early:

According to a March 2021 survey, an estimated 2.8 million Americans age 55 and older decided to file for Social Security benefits earlier than they expected because of COVID-19.

This was about double the 1.4 million people in the same age group who said they expected to work longer, presumably due to pandemic-related financial losses.

Many older workers were pushed into retirement after losing their jobs, and others may have had health concerns. Still, it appears that work-related stress and the emotional toll of the pandemic caused a lot of people to rethink their priorities and their retirement timelines.

How do you know if you can realistically afford to retire early? First and foremost, determine whether you will have enough income to support the lifestyle you envision. Instead of accumulating assets, you may have to…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 23 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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