When pandemic hit our society last year, many people lost their jobs. The hardest hit employees were those working in the service sector. As the economy started it recovery and unemployment help set to be phased out, it was expected that people would be returning to their old jobs. However, for many, this has not materialized and it is an intentional decision. Those that plan to stay put for a while need to take into consideration some concerns. They need to look into the replacement income, the issue of healthcare and corresponding insurance, as well as the ability to save for retirement.
Key Takeaways:
- Consider part-time employment as an alternative to drawing down your 401(k) or IRA.
- Until you qualify for Medicare at age 65, think about how you will acquire health insurance.
- Don’t forget the impact of inflation and unexpected expenses such as home repair or long-term care.
“Covid-19 has led workers to re-evaluate what’s important to them and what they want out of life.”
Read more: https://www.barrons.com/articles/early-retirement-quitting-work-what-to-consider-51636217506
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