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Are You Prepared to Retire Sooner Than Expected?

The coronavirus outbreak has slowed life down for many people around the world, but for some, it's put them on the fast track to retirement. In fact, a preliminary study from the Becker Friedman Institute for Economics at the University of Chicago notes that, among people no longer in the workforce (meaning they're neither employed nor seeking employment), the number reporting that they are retired has risen from 53 percent in January to 60 percent in April. (More...)

 

Are you prepared to retire sooner than expected?

Periodic Contributor

We weren't ready to retire! My wife is 63 is not working and just finished an accounting program to add income for the next few years, now this is unknown! I'm about to turn 62 and had recently completed a cybersecurity certification as a CISSP, look it up, and I haven't been fully employed for 16 months. As COVID occurred it has made finding employment matching our skills very difficult. In addition for the last 20 months, I've been aiding my aging parents further taking away from my employment focus!

 

Were we ready to retire? HELL NO!

 

Because of all the changes we have a few options, one is retiring and move elsewhere where our equity will purchase a home outright and we survive on limited income until we can take our full retirement and live more comfortably. We can't afford to live in the home we've had for 20 years much longer. The question is where would we go?

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