Scott Birmingham, CFP®, AMR's Lead Financial Planner shares some of the things to consider if you are planning to retire early:

- You may not be eligible for Social Security, penalty-free IRA distributions, or Medicare.

- Typically, people have the bulk of their investments in retirement plans and therefore cashflow can be challenging when retiring early.

- If you retire early risk (are working fewer years) will you have enough money to cover your expenses?

- Another consideration is healthcare insurance. Pre-Medicare health insurance can be expensive.

Through the Internal Revenue Service 72T program (Substantial Periodic Payments) you can withdrawal from retirement accounts and avoid the 10% penalty. There are several restrictions, however, with this approach.

If you need help with your retirement plan, reach out to Asset Management Resources at (866) 771-8901 if we can help. We offer a complimentary consultation.

Recorded August 17, 2023.