Has the Covid pandemic caused you to reevaluate your life and consider early retirement? If so, you are not alone. Now that we are starting to emerge from the pandemic, many Americans have a new ‘life is short’ mindset. This, coupled with an upswing in investments and home values is leading many affluent Americans in a rush to retire.
Check out the retirement headlines segment where we explore a recent Bloomberg article that explores this topic. Then, stick around for the listener questions where I answer a question from Randy about paying off his mortgage with a Roth IRA and if you stay until the very end you’ll hear the story behind the Retirement Starts Today theme song.Has the Covid pandemic caused you to reevaluate your life and consider early retirement? If so, you are not alone. Click To Tweet
Outline of This Episode
- [3:22] Affluent Americans Rush to Retire in New ‘Life-Is-Short’ Mindset
- [7:47] There is a downside to the loss of older workers
- [9:32] Should we consider paying off our home loan with a Roth IRA?
- [16:21] The story behind the theme song
Participate in our annual listener survey
Every year I send out a listener survey to our Every Day Is Saturday newsletter subscribers to give you all the opportunity to guide the content over the next year. In the past, I have made changes based on your answers and I look forward to hearing your thoughts this year.
If you haven’t yet subscribed to the newsletter you can do so here. In addition to being able to participate in the survey, the newsletter also contains all the links from the show each week as well as free book offerings from the authors I interview and all kinds of useful retirement tips. If you want to complete the survey now, simply click here.Voice your opinion now and help guide the content of Retirement Starts Today. Click To Tweet
Many affluent Americans are ready to retire
One of the most surprising aspects of the pandemic has been the unprecedented surge in the stock market. Investors have enjoyed double-digit returns and this swell in portfolio values has led many to reconsider their retirement plans. This is in stark contrast to those on the opposite end of the spectrum that had little savings and lost their jobs over the past year. Life for affluent Americans is looking good and many are taking advantage of the situation by considering early retirement.
Changes in work environments are another reason for the mass exodus
Another reason people may be considering early retirement is the toll that the past year has had on workers. The pandemic has changed the way that many companies do business. Zoom fatigue and stressful work environments are also contributing factors in the rush to retirement. Teachers and healthcare professionals are experiencing record levels of burnout. While this mass exodus is positive for those ready to retire, there could be a downside.
As the most experienced and productive workers exit the workforce, businesses are experiencing labor shortages. Older workers have higher productivity, lower absenteeism, and usually train the newcomers so this loss significantly affects companies.Could a retirement rehearsal help you prepare for early retirement? Click To Tweet
Life is short, enjoy it!
I love to see the newfound freedom that many are experiencing post-pandemic. Life is short and we should enjoy it fully. To do so, make sure to have a written retirement plan to help guide you.
I also recommend taking a practice retirement before you actually retire. This can help you get a feel for retirement and help you build retirement routines. This trial run will also show you if you are mentally and emotionally prepared for retirement.
Have you been thinking of retiring early? If so, what have you been doing to prepare? Listen in to hear how a retirement rehearsal could help you prepare for your retirement journey.
Resources & People Mentioned
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