A record number of people are leaving their jobs. They are either retiring early, looking for new positions or taking a break from work. A lot of people don’t want to return to the office and are opting for early retirement instead. Others people are questioning their values when it comes to their work-life and are taking time off. But if you do this, what are the consequences on your retirement plan? On today’s show, we’ll discuss how this decision could impact your Social Security, 401(k) plan, and more.
Forbes Article: https://www.forbes.com/advisor/retirement/great-resignation/
What we discuss:
0:56 – Happy New Year!
1:30 – What is “The Great Resignation“?
4:33 – Taking a break from Social Security
6:09 – How will this impact your income plan?
7:56 – Your 401(k) is not a rainy-day fund
8:46 – The negative consequences of taking money out
10:20 – Take your 401(k) with you
11:35 – Will taking your 401(k) be taxable?
12:37 – What are the challenges of retiring early?
15:46 – Does your plan account for longevity?
Get additional financial information: https://retirementplaybookpodcast.com/