Retirement Planning Takes Work

Meet, Meewha and Richard. Both still have good years to give to their jobs, but the thought of retiring early is very appealing.

Richard and I have both been working for more than 30 years. We at least wanted to know if early retirement was even feasible. My workplace financial planning benefit helped put everything into perspective. It gives us free access to a financial planner and online tools, and includes free workshops. 

One evening we attended a retirement workshop, and it really opened our eyes to what was possible. We went into it thinking that early retirement was a long shot and left believing that it’s actually achievable. We also walked away with a book filled with information regarding important decisions we would soon be making.

Then we met with a financial planner. Together, the three of us were very diligent about running through dozens of “what if” scenarios. We completed a questionnaire that better defined our goals and helped determine the income we needed to live the retirement lifestyle we wanted.

We calculated our IRAs, Richard’s 401(k) savings and our projected Social Security Income and discovered that I could receive my full pension before age 62. Guess what? I’m retiring later this year. 

Our advice is to be honest with yourself and know exactly where you stand. And know that help is closer than you think, especially if your benefits package includes a financial planning benefit.