With just two years until he turns 65, Doug Sheehan was looking forward to a comfortable retirement, dreaming of relaxing evenings spent at restaurants around the Bay Area, splitting bottles of wine with friends. Then coronavirus hit, and the 63-year-old’s plans, like those of millions of others, fell apart. The pandemic has derailed the finances and careers of individuals of all ages, but for many workers in their 50s and 60s like Sheehan, it has also upended their retirement security.Source: Workers in their 50s and 60s are retiring early because of coronavirus
Fearing the virus for himself and his family the above individual quit his job at age 63. According to the article, Sheehan said, “I walked away, and it cost me a ton,” he says. “We’re surviving, but it’s not what I expected in retirement.” Since he quit his job there was no unemployment and he began collecting Social Security early. The article says, “Visions of a comfortable retirement in the not-so-distant future were replaced with the realities of an under-funded present.”
Recognizing that these types of articles not infrequently leave out relevant information, “not-so-distant future” are key words.
If you were planning on retiring at 65, you should be near totally prepared by age 63 don’t you think? While you may have accumulated additional funds in the last 24-months, it should not mean getting to just surviving.