Early Retirement: How to Pivot Financially S.7 | E.4

When you think of retiring, what age pops into your head? 55? 65? 70? For many, visions of getting a gold watch and riding off into the sunset are no longer the reality of what retirement looks like. Not only is this vision of retirement a thing of the past, so is the target age for retiring. According to a recent survey, by The Harris Poll on behalf of TD Ameritrade, 50% of people retire earlier than they expected. How would you recover financially if your retirement plans got cut short? Financial professionals Joe Anderson and Alan Clopine discuss the tools and strategies to pivot financially if you have to unexpectedly retire.

Important Points:
(00:54) – Early Retirement

(01:19) – Why do Workers Retire Earlier than Expected?

(01:58) – Early Retirement: How to Pivot Financially
-Checking Your Numbers
-Pivoting to New Health Insurance
-Getting Social Security Right
-Tax-Smart Withdrawal Strategies

(02:58) – Retirement Target By Age

(03:51) – Approximate Annual Spending in Retirement

(06:11) – Ways to Reduce Your Retirement Shortfall

(09:41) – Health Insurance Considerations with Early Retirement

(11:08) – Social Security - How Do You Qualify?

(11:31) – Social Security - What Age Can You Start Collecting?

(12:05) – Claiming Social Security

(13:37) – Social Security - Spousal Benefits

(18:23) – Tax Triangle

(20:28) – 2021 Tax Brackets

(22:36) – Ask the Experts

(24:33) – Pure Takeaway: Early Retirement: Pivot Financially
-Understand How Much You Can Spend
-Make Sure You Have Health Insurance
-Have a Good Social Security Claiming Strategy
-Save Taxes Throughout Retirement

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

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