Ep 34: Can I Retire at 55?

Can I retire at 55? We get this question a lot, especially with the recent trend of people trying to retire earlier. Most people don’t know if they can retire early, but we can help.
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Show Notes For This Episode

When people come into our office for help, sometimes they want to know if they can retire early at 55. Some are better off financially than they realized, while others might need to work a few more years.

On this episode of Saving the American Dream, we’ll explain what it takes to retire early and what you need to know.

Social Security

Social Security is a big part of many people’s income plan, and you can’t claim it at 55. You can’t receive it until you’re 62.

You could take a loan against your retirement account and pay an early withdrawal penalty, but you cannot take a loan against your social security and you cannot pay a penalty to access it early.

If you have enough assets on your balance sheet, you could potentially make that work, but that’s one thing you cannot ignore.

Retirement accounts

You can access your retirement accounts at 59.5 years old. Before that, you’ll have to pay a 10% penalty plus ordinary income tax.

To hear more about health care and other things to consider when retiring early, listen to the full podcast or use the timestamps below to jump to a specific section.

 

Navigating the Show

[1:02] – Can I retire at 55?

[3:16] – How many want to retire early?

[4:00] – Social Security

[5:48] – Retirement accounts

[7:31] – Health care

[8:41] – When to start planning

[10:19] – Comment: Pensions

[12:44] – Comment: Inflation

[13:51] – Comment: Savers

[17:34] – Question: Debt

[19:14] – Question: Social Security

[21:06]– Question: Nursing homes

 

People are shocked if you’re looking to the private health insurance space compared to the company that you worked for.

– Michael Schulte

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Copyright 2020 Saving The American Dream Podcast. Michael Schulte is an investment advisor representative and certified exit planner with WestPac Wealth Partners, located at 330 South Center Street, Suite 344, Casper, Wyoming 82601. The podcast is for informational purposes only. Individual risks and investment objectives must be reviewed prior to making any recommendations. Podcasts are for informational purposes only. Any guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or WestPac Wealth Partners and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Michael is a Registered and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 5 Centerpointe Dr Suite 150, Lake Oswego, OR 97035, 503-207-4550. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners is not an affiliate or subsidiary of PAS or Guardian. 2020-105459 Exp 07/22.