Why Timing Isn’t Everything
Working professionals or entrepreneurs who build their formal retirement plans around the goal of retiring at a ‘certain age’ may be in for a monumental course correction if something goes wrong. Unexpected life events can add to the unpredictability of actual retirement dates. There’s a myriad of issues such as health problems, job loss or burn-out, or company closures that can upset planned income retirement goals. That’s why it’s important to structure or re-structure your retirement portfolio for unplanned income needs.
Expect the Unexpected
What happens if you’re facing an earlier-than-expected retirement? What if an investment promised to return an influx of cash suddenly falls apart? No doubt, racing thoughts in your mind will include a concern about a retirement saving shortfall and an inability to meet living expenses. That’s why working with a professional business tax consulting firm who runs ‘what if’ scenarios can be of benefit when workforce participation stalls. There are effective tax consulting strategies that can protect your wealth for retirement from premature loss of work and income.
Working Longer
Baby boomers are refusing to retire at the customary age of 65 to attain the gold watch at the retirement party. A recent Bloomberg business article, “Working Past 70: Americans Can’t Seem to Retire. U.S. Seniors are Employed at the Highest Rate in 55 years” confirms the trend. And, the Labor Department forecasts that older workers will be employed well into the future. Surprisingly in 2017, the percentage of employed Americans between the ages of 65 and 69 was 32%. Some boomers will embrace second careers, while others may start small businesses which could profit from professional small business advising and tax consulting.
Financial Retirement Considerations
No doubt, retirement savings challenges will exist for this boomer generation, born between the years of 1946–1964. They’re expected to live and work longer than previous generations. If they generate income and stay healthy, then wisely choose a realistic age to retire, it’ll be all good. Retirement can be successful when a planned retirement age matches the retirement year. Working with one of our Raleigh business tax consultants to revisit your retirement plan when delaying retirement income and benefits can lock in predictability, and lead to peace of mind for you.