When you ask someone when they would like to retire, one common response is “I’m never going to retire!” They go on to explain that this is because they love their job and cannot imagine not working each day, OR that their finances and savings will not allow retirement.
What usually is not considered in those responses is the “what if” component. Specifically, what if plans just don’t work out the way we picture retirement? Many times circumstances beyond our control such as a health crisis or the needs of other family members, get in the way of these assumptions and plans.
So what can you do right now to begin identifying whether or not you could retire if you HAD to:
Having a plan for when you WANT to retire is good, but having a back-up plan in case you NEED to retire is vital. Check back next month when we will discuss other components of a strong retirement plan.
Deborah E. Pajak, CFP®, ChFC®, CLTC, CDFA™ is a registered representative of and offers securities, investment advisory, and financial planning services through MML Investors Services, LLC, member SIPC. 5001 Louise Dr. Suite 300, Mechanicsburg, PA 17055 (717) 791-3300. CRN202101-242605