{"id":5650,"date":"2019-04-02T15:45:03","date_gmt":"2019-04-02T20:45:03","guid":{"rendered":"http:\/\/billlosey.com\/?p=5650"},"modified":"2019-04-02T15:45:03","modified_gmt":"2019-04-02T20:45:03","slug":"you-could-retire-but-should-you","status":"publish","type":"post","link":"https:\/\/billlosey.com\/knowledge-center\/you-could-retire-but-should-you\/","title":{"rendered":"You Could Retire, But Should You?"},"content":{"rendered":"\n<p><strong> <\/strong><em>It might be better to wait a bit longer.<\/em><\/p>\n\n\n\n<p><strong>Some people retire at\nfirst opportunity, only to wish they had waited longer. <\/strong>Your financial strategy likely considers normal\nfinancial ups and downs. That said, a big \u201cwhat if\u201d on your mind might be \u201cwhat\nif I retire in a down time that doesn\u2019t swing back upward in a year or two?\u201d It\ncould happen to everyone, and it certainly doesn\u2019t work on your schedule. For\nthat reason, the fact that you can retire doesn\u2019t necessarily mean that you\nshould.<\/p>\n\n\n\n<p><strong>Retiring earlier may\nincrease longevity risk. <\/strong>The concern\ncan be put into three dire words: \u201coutliving your money.\u201d Sudden medical\nexpenses, savings shortfalls, financial downturns, and larger-than-planned\nwithdrawals from retirement accounts can all contribute to it. The downside of\nretiring at 55 or 60 is that you have that many more years of retirement to\nfund. <\/p>\n\n\n\n<p><strong>There are also insurance\nissues to consider.<\/strong> Medicare will not\ncover you until you turn 65; in the event of an illness, how would your\nfinances hold up without its availability? While your employer may give you a\nyear-and-a-half of COBRA coverage upon your exit, that could cost your\nhousehold more than $1,000 a month.<\/p>\n\n\n\n<p><strong>How is your cash position?<\/strong> If your early retirement happens to coincide with a\nsevere market downturn or a business or health crisis, you will need an\nemergency fund \u2013 or at the very least, enough liquidity to quickly address such\nissues.<\/p>\n\n\n\n<p><strong>Does your spouse want to\nretire later? <\/strong>If so, your desire to\nretire early might cause some conflicts and impact any shared retirement dreams\nyou hold. If you have older children or other relatives living with you, how\nwould your decision affect them?&nbsp;&nbsp; <\/p>\n\n\n\n<p><strong>Working a little longer\nmight ease the transition to retirement. <\/strong>Some retirees end up missing the intellectual demands of the workplace\nand the socialization with friends and coworkers. They find no ready equivalent\nonce they end their careers. Also, it may be difficult to find a part-time job\nin another field, so staying a while longer could help you make the change at a\npace that will be more comfortable, both financially and emotionally.\n\nIdeally, you will retire with adequate savings\nand a plan to stay physically and mentally active and socially engaged, so\nwaiting a bit longer to retire might be advantageous to your bottom line.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It might be better to wait a bit longer. Some people retire at first opportunity, only to wish they had waited longer. Your financial strategy likely considers normal financial ups and downs. That said, a big \u201cwhat if\u201d on your [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-5650","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/5650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=5650"}],"version-history":[{"count":0,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/5650\/revisions"}],"wp:attachment":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=5650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=5650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=5650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}