I'm asking because my dad, who's been having some serious health issues, is refusing to consider early retirement because it would be - as he said it - a huge financial hit compared to waiting out retirement. Is this true? I have a feeling he's just a workaholic and is willfully ignoring his health because of it. He works at FIS.
4 replies (most recent on top)
He has to be able to live on his what he has saved including Social Security, 401K accounts, any pensions earned plus other investments. Many adults have not planned for a retirement income that meets their standard of living. Don't assume that your father has. Retirement doesn't occur magically. If you cannot afford to live on what you have saved and planned for then you have to continue to work. It's math not magical thinking.
Everyone's situation is different. If he was retiring this year then probably no but if he took early retirement and wasn't planning to for 5 years or so then he's probably missing out on 4 or more years of income he would have still working. If he's financial secure than it doesn't matter. Like I said everyone's situation is different
Agree that is a very broad question, but I recommend you look up Financial Independence Retire Early (FIRE) for a pro-early retirement community and support.
That question is MUCH too broad to answer. Everyone’s financial situation is different.