Hoping to retire early

Planning on retiring early? Congrats!

Retirement can be the end of one job and the start of a new one. Or, it could just be a long stretch of putting your feet up. Here are some tips that could help make it comfortable.

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Calculate how much you’ll need each year

Keep saving

Expect to revise your financial plan

The general guideline is to assume you’ll need 80-100% of your pre-retirement income to spend every year you’re retired. 

Consider an account that provides easy access to funds, like a Marcus Online Savings Account or a No-Penalty CD.

You may have a financial plan for the earlier years of retirement. Expect things to change: inflation and age will probably require adjusting how your spend your money. 

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Track changes to government benefits

Maintain professional contacts

Keep an eye on changes that affect retirement accounts

Try to stay on top of changes to government programs like Social Security eligibility and calculate the impact they could have on your retirement plans.

The unexpected could happen: You could return to work. Stay connected to your professional network and an eye on emerging skill sets you may want to add to your experience. 

Rules around retirement plans change (think the SECURE ACT of 2019). Work with your financial advisor to stay on top of changes that could affect when you can add or withdraw funds from certain accounts and your estate plan. 

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs® but may not reflect the institutional opinions of Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.

1

Calculate how much you’ll need each year

The general guideline is to assume you’ll need 80-100% of your pre-retirement income to spend every year you’re retired. 

2

Keep saving

Consider an account that provides easy access to funds, like a Marcus Online Savings Account or a No-Penalty CD.

3

Expect to revise your financial plan 

You may have a financial plan for the earlier years of retirement. Expect things to change: inflation and age will probably require adjusting how your spend your money. 

4

Track changes to government benefits

Try to stay on top of changes to government programs like Social Security eligibility and calculate the impact they could have on your retirement plans.

5

Maintain professional contacts

The unexpected could happen: You could return to work. Stay connected to your professional network and an eye on emerging skill sets you may want to add to your experience. 

6

Keep an eye on changes that affect retirement accounts

Rules around retirement plans change (think the SECURE ACT of 2019). Work with your financial advisor to stay on top of changes that could affect when you can add or withdraw funds from certain accounts and your estate plan. 

of Americans wished they had opened a savings account earlier.

The Financial Literacy 2020 Survey was conducted by Marcus by Goldman Sachs® in March 2020 among 2,516 Americans. Savings accounts defined as savings accounts, certificates of deposit (CDs) and money market accounts.

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