The Retirement Playbook with Dale Tondryk

Ep 56: How “The Great Resignation” Could Impact You or A Loved One’s Retirement

January 13, 2022

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.

Other people are questioning their values when it comes to work 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/