Ep 56: How “The Great Resignation” Could Impact Your Retirement Plan

If you are thinking about leaving your job, how will it impact your retirement plan? On today's episode, we discuss retiring early and what you need to consider before doing so.

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The Game Plan

A record number of people are leaving their jobs. They are either retiring early, looking for new positions or taking a break from work. A lot of people don’t want to return to the office and are opting for early retirement instead. Others people are questioning their values when it comes to their work-life and are taking time off. But if you do this, what are the consequences on your retirement plan? On today’s show, we’ll discuss how this decision could impact your Social Security, 401(k) plan, and more.

The X’s & O’s

Check out the timestamps below to skip around to specific topics on the show.

[0:56 ]Happy New Year!

[1:30] What is “The Great Resignation“?

[4:33 ] Taking a break from Social Security

[6:09] How will this impact your income plan?

[7:56]Your 401(k) is not a rainy-day fund

[8:46] The negative consequences of taking money out

[10:20] Take your 401(k) with you

[11:35 ] Will taking your 401(k) be taxable?

[12:37] What are the challenges of retiring early?

[15:46] Does your plan account for longevity

When you’re working and you’re planning and you’re thinking about what you have to do, you always want to have enough reserves set aside…  

– Dale Tondryk

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