The theme this week on the Retirement Quick Tips Podcast is: Listener Case Study: One Year To Retirement. About a month ago, a listener of the podcast emailed me with some questions about her upcoming retirement and this week, I’m addressing the multitude of issues she’s facing as she nears retirement. 

Today, I’m talking about the number 1 reason why people retire earlier than planned - and that is for health reasons. You may have picked up on this in Monica’s email to me that I read earlier in the week, but her husband is the same age as her and has been retired for several years due to health issues.

He is currently taking SS disability income and they even went into debt because he wasn’t working for several years. Prior to his forced early retirement, he was self-employed and wasn’t covered by any sort of 401k plan or IRA. 

This has lead to some struggles for them financially and while they are nearly out of the debt hole they’re in, it’s important to plan for this type of unexpected early retirement. 

If you or your spouse could no longer work, what’s your plan B? If you had to stop working to take care of 

These are just possibilities. It’s incredibly likely that you may need to retire earlier than planned because of health issues - either your own or someone else’s. The statistics back this up. 11% of people retired earlier than planned because of needing to take care of a loved one. 5% of people retired earlier than planned because of Covid health risks, and 36% of people retired early because of their own health issue or disability. That’s over 50% of people who retired earlier than planned because of health reasons. 

So make a plan B, and determine what compromises need to be made if you can’t work as long as your planned to. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance