January 13, 2025

Unexpected Early Retirement - Are you prepared?

29 minutes

In this podcast episode, financial advisors Jim Martin and Casey Bibb discuss the frequent occurrence of unexpected early retirements due to layoffs, health issues, and other factors. They share strategies on how to prepare financially for such events, emphasizing the importance of emergency funds, debt reduction, health planning, and having a robust financial plan. Additionally, they cover upcoming changes to Social Security in 2025, including a 2.5% Cost of Living Adjustment (COLA) and new income limits for early and full retirement age filers. The episode aims to help listeners plan more effectively for retirement and handle unexpected changes with confidence.

00:00 Introduction to Retirement Planning Challenges

00:47 Unexpected Early Retirement

03:15 Age Discrimination in the Workforce

04:05 Steps to Bulletproof Your Retirement

05:35 Assessing Your Financial Situation

09:23 Health and Employment Considerations

15:35 Personal Stories and Experiences

17:31 Upcoming Changes in Social Security

17:54 Understanding the 2.5% COLA Increase

18:13 Inflation and Cost of Living Adjustments

20:00 Social Security and Part-Time Work

21:46 The Impact of Early Retirement on Benefits

23:43 Personal Stories and Recommendations

26:57 TV Shows and Entertainment

30:16 Conclusion and Final Thoughts

(LINK HERE) <- View the 2025 changes to Social Security and COLA

https://www.imdb.com/title/tt13991232/ <- 1883 with Tim McGraw & Faith Hill

http://retiresmartscore.com <- Get your retirement score!

http://retirewithmartin.com/ <- Learn about working with Jim

www.planwellretirehappy.com

https://www.usatoday.com/story/money/personalfinance/retirement/2025/01/07/social-security-changes-for-2025/77389545007/

https://rethinking65.com/58-of-americans-careers-are-cut-short/

Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.

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