Workers retiring early because of the coronavirus pandemic

With the current economic climate as fragile as ever, is now a good time to retire?  ‘It was the lesser of two evils’: Workers in their 50s and 60s are retiring early because of the coronavirus pandemic Early retirement is a major force in accounting for the decline in the labor-force participation” in the early months of coronavirus shutdowns, reads the report. (Read more: [(  There has never been a time in the history of our nation when people haven't asked this age-old question: "When is a good time to retire?" However, since those who have gone before us have already asked and then answered that question, it is now our turn to face this issue head-on. With the current economic climate as fragile as ever, is now a good time to retire? Increasing Lifespan, Decreasing Funds As it is increasingly evident, more and more people are facing the reality that their financial assets will end long before their retirement years do. With a shortage of traditional pensions, anemic levels of savings and an ever-increasing life span, it is likely that this will be the case. Even though decreasing spending will help, it is not the "silver bullet" answer to this pending dilemma. In fact, it is more like a band-aid solution to a broken leg scenario! For those who have yet to retire, proactively managing investment accounts and ramping up savings by putting into practice a sense of delayed gratification will better pave the way to an enjoyable retirement. Like A King Or A Pauper? It is also critical to be realistic in your expectations of the type of retirement lifestyle you wish to segue into. If you are able to adjust to a fixed income prior to retiring and accept the potential limitations this will have on your "golden years", you may well be better prepared for a significant reduction in discretionary spending, and therefore better positioned to live within your retirement years means. It is also imperative that you take your current level of health into consideration as well. If you are aware of the importance of regular exercise, coupled with healthy eating habits while you are young, chances are you will take that lifestyle habit into your retirement years. This being the case, you greatly improve minimizing the cost factor when addressing the impact aging has on the body health-wise. Let's Count The Cost When addressing the reality that, almost without exception, people one day retire, it is imperative to calculate the "comfort factor" when facing retirement. This is mainly comprised of balancing wants versus needs with how much money will be available between the two. The distressing truth is, nearly half haven't really given this much thought, especially when the paychecks are coming in on a regular basis, coupled with yearly raises and bonuses to keep the financial ship afloat. A general rule of thumb calculates that, in order to have a comfortable retirement, one needs to live on 80% of their current income and invest the remaining 20% toward their retirement years. This approach does three things well: it teaches discipline when it comes to discretionary spending during those productive earning years, establishes a nice nest egg for those pending retirement years, and finds those years of spending discipline coupled with a healthy investment nest following the retiree into their "golden years". In Conclusion Taking all of this into consideration, the question asked "When is a good time to retire?" can be better summed up with this answer: "It all depends on your unique financial situation"! By carefully weighing out the monetary as well as health-related factors, you can answer that question with complete confidence and rest assured that, when the time does come to "pull the trigger" and retire, you will be well-positioned to comfortably enjoy those "golden years", both financially and physically! If you are you having trouble receiving your Investor Union subscription, you can ensure its arrival in your mailbox by [whitelisting Investor Union and union@investorunion.org.]( Investor Union (collectively, the “Company” or “we” used herein) bears no responsibility or control over the content of the advertisement and/or the product or service offered. This email is a paid advertisement. It is for a product or service that is not offered, recommended or endorsed by Investor Union and neither the company nor its affiliates bear responsibility or control over the content of the advertisement and the product or service offered. 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