With stock indexes tumbling, jobs in jeopardy and a looming recession, is it really the time to retire?
For those who have the opportunity to decide if now’s the right time to retire, they should check that their finances are in order — and that they have a plan in place for the foreseeable future, advisers said. People still planning to exit from the workforce may want to buy safer assets, such as U.S. Treasury bills, notes or bonds, said William Parrott, president and chief executive officer of Parrott Wealth Management. He recommends his clients buy three years’ worth of expenses in those investments, so if someone’s annual expenses are $100,000, he’d purchase $300,000 in bonds. This way, “they don’t have to worry about the stock market volatility,” he said.
Think of all of the possible streams of income and how they’d be tapped in retirement. Potential sources include Social Security, pensions, 401 or individual retirement account assets, real estate and any other income family members may be bringing in and sharing. Then consider how much the household spends, and on what, including mortgage payments, insurance, utilities, health care and general living expenses, said Charles Failla, principal of Sovereign Financial Group.
Uhh, retirement? I need a JOB
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