Hi. Vince Oldre, Certified Financial Planner and we’re getting a lot of questions about whether or not you can retire early. We do a lot of educational classes, and a lot of people are coming in wanting to know can they retire early, meaning before age 65 or before age 62. And, there’s some questions you need to think about before you do, so we’re going to give you three things you need to think about before retiring early. The number one thing that we all think about is healthcare. So, do you have a game plan in place as far as, how are you going to cover your healthcare costs? Now, the obvious thing that you can do is jump onto your spouse’s healthcare, but if you both are going to retire at the same time, you might not have that option. So, the second option might be Cobra. But Cobra is only gonna last so long, so then you have to figure out what you’re going to do with the private exchange. And you’re going to, if you have private insurance, you need to know how much that’s gonna cost you, and is that gonna hurt your overall retirement portfolio or plan? So, make sure you have a plan when it comes to healthcare. What we see, is a lot of people are still working, whether it’s part-time, or full time, all the way to age 65 because they want to make sure they get all the way to 65 for Medicare. So, it’s a big issue that we’re seeing right now, and it might be an issue for you. So if you have a plan together, you might be able to understand whether or not you can retire early or not, based on if you have enough healthcare, enough for yourself to cover healthcare. Now the other thing to think about is are you going to move? Are you going to live in a different state? We live in Minnesota so we all know that taxes are a little bit different in Minnesota than let’s say Florida. So are you going to move to a different state or are you going to stay in that same state? If you are going to move, how are you going to pay for that home? Are you going to sell your home where you’re currently at and buy a new home and have another mortgage, or are you not going to have another mortgage? The reason why you have to think about this is, because if you’re going to have another mortgage and you’re going to apply for a mortgage you have to have income for a mortgage. What they’re going to do if they’re going to look at your social security and any other guaranteed income sources you might have, like your pension. Then they’re going to say, okay how much income are you taking from your portfolio and that portfolio has to be more of a consistent like income. All they really care about is the income, it’s really weird how they don’t just look at your assets, they want to make sure that your income is there. So make sure before you retire, you’re able to show the income if you’re going to buy another house and have another mortgage while you’re in retirement. Now some say don’t have a mortgage in retirement but that’s kind of up to you as far as how you want that to play out. The last thing we want to make sure that you look at is how are your income sources going to line up and are you going to need some other income sources other than social security? So if you’re trying to bridge that gap, you might want to know how those incomes going to come in instead of just willy killing it, going into retirement without knowing what it’s going to look like. So make sure you know how your income sources are going to come in, because once you stop working you no longer have that paycheck. So you need to know what your other paycheck sources are going to be from. So whether it be a pension, social security, or from your portfolio, you need to know what that income’s going to look like. So your social security strategy also needs to revolve around your retirement plan but also it needs to revolve around your other income sources. So I hope that helps you answer a few of your questions of whether or not you can retire early. Hopefully you can answer these questions so you don’t make any mistakes. If you have any other questions please feel free to reach out. We’re more than happy to answer your questions. Till then, we’ll talk to you next time. https://www.assuredretirementgroup.co…

Learn To Retire Early
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