Today’s Hack
We’re starting to find that more and more people are considering the possibility of an early retirement as the Great Resignation continues to sweep the country.
It’s a decision that people are weighing but the first thing you have to determine is whether you’re financially positioned to leave the workforce. The reality we’re facing is a world with rising inflation, global uncertainty, and volatile markets. Add in speculation that a recession could be on the horizon, and it can be a scary time to leave the security of a paycheck.
But even with all of those factors, retiring early could still be well within your reach. On this episode of the podcast, Phil will break down the different planning items that you’ll have to work through with a financial advisor. Plus, he’ll explain how AFS Wealth Management runs the math to help you determine whether you can become financially independent.
To help provide examples of how we work through the process with clients, we’ve pulled three different real-world scenarios. Each of these have completely different goals, needs, and savings but they all want to work towards that same outcome: an early retirement.
If you have any questions or want to start running the math on early retirement, give us a call and we’ll set up a time to discuss.
1:09 – Background on this topic
3:20 – How many clients want this?
4:05 – Immediate challenges
5:14 – Retiring at 65
7:48 – Retirement lifestyle
9:06 – Running the math
11:38 – Challenges in this environment
13:18 – Mailbag question on retiring early
15:08 – Mailbag question with another scenario
16:36 – Bear market coming?
17:46 – Conversation with your advisor
19:43 – Mailbag question about paying house off
A Quotable Moment:
“Let’s run the math and make sure everything works. Let’s stress test it and now we know is there a need for it. If there’s a need, then let’s get a product that works.”
-Phil Putney