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Keep Working, if You Can

September 8, 2020 By E.J. Smith

By stockfour @ Shutterstock.com

The best way to improve your retirement’s financial picture is to keep on working if you can. Reshma Kapadla writes at Barron’s:

RESIST RETIRING PREMATURELY

Given the health risks created by the pandemic and uncertain outlook for certain industries, early retirement may seem like an attractive option. But advisors recommend that those who are five to 10 years away from retirement should stay in the workforce, if possible.

“The best way to improve retirement financial outcomes is to work longer,” says Jamie Hopkins, director of retirement research at Carson Group. “A year or two before retirement, we see people tighten their belts and reduce spending, but that has minimal impact versus working six months to a year longer.” Indeed, 34% of 50- to 64-year-olds in the Edward Jones/Age Wave survey said that Covid-19 has changed their retirement timeline.

For many Americans, the years right before retirement are those with the highest incomes. Adding a few more of those high-income years has the best chance to positively impact your retirement.

Waiting on retirement can also mean holding off on collecting Social Security, which can be beneficial for many retirees.

Working a few more years before retirement doesn’t have to mean manning the same position you’ve had for thirty years either. You can leave the firm and work for yourself doing what you’re good at, and what you love.

Some Americans simply won’t stop working, ever. They have lost hope for retirement.

Don’t lose hope. Think strategically. How much stronger can you make your retirement prospects if you work one more year? What about two, or three?

If your retirement security is drastically enhanced by working a couple more years, give yourself the comfort you deserve in retirement by doing so.

Action line: Examine your retirement plan with a professional, and see how many more years you’ll need to work to get the retirement you want.

Originally posted on Your Survival Guy. 

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E.J. Smith
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com
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