If you have a written financial plan, that’s where you’ll start. By revisiting your retirement plan, you will see where you are in comparison to where you thought you would be when leaving the workforce. You will likely have to amend your strategy for your new circumstances.
It can feel daunting to have to make changes to a retirement strategy. When building your retirement plan, it is wise to consider how an early exit from the workforce would affect your strategy. While many people incorporate contingencies for retirement risks like market volatility and inflation, it is less common to account for an early retirement.
Your written plan will help guide you through this situation.
But many Americans don’t have one – only 42% of Americans said they have a written financial plan, according to the 2023 Annual Retirement Study from Allianz Life. If you don’t have a plan in place, now is the time to create one. You’ll need to understand what you want your retirement to look like and how much it will take in retirement income to achieve.