(WTNH)– The impact of Covid-19 on the economy is forcing many people to rethink their retirement. And for some, it may mean an earlier retirement than expected.
Chartered Financial Consultant John Caserta tells us how to come to that decision in the video above.
Caserta says that these are some of the things to consider if you’re thinking about whether or not to retire:
Can you afford to retire?
§ Evaluate your savings and expenses (both current and anticipated)
§ What sources of retirement income do you have and how much can you draw from them?
· Social Security, employer-sponsored retirement plans, individual retirement accounts, pensions
o What does retirement look like?
§ How will you spend your days?
§ Is it a chance to volunteer, start a second career, or pursue a hobby?
§ Be wary – Every day is a “Saturday” can get old
Caserta says when you retire you should take inventory and organize your finances, plan for the unexpected and get help from a team of professionals (financial advisor, accountant, and attorney).