By Jillian Stinson
The best way to approach early retirement? Have a plan. Here’s how a good advisor can help you.
You calculate your savings based on the years remaining before retirement. So what would you do if you were forced to retire early?
This is what happened to Wayne, a Sun Life Client. A few years before his expected retirement date, the company hiring him for 37 years went bankrupt.
“At the time, I was 57 years old, and I did not see myself in retirement, he explains. But I couldn’t see myself returning to the job market anymore. »
Three common reasons to retire early
Several reasons can explain an early or sudden retirement:
A job loss. A layoff, restructuring or closing the business while in your 50s or late 60s can force you to stop working. (Also read: Five winning strategies for coping with job loss)
Health issues. A sudden change in your health or that of your spouse, whether mild or severe, can affect your retirement plans. (Also read: Do you have financial protection in the event of an accident or illness?)
Changes in the family. Whether it’s following the death of your spouse or taking care of ageing parents, you may have to retire to take care of your family. (Also read: 10 things to do when your spouse dies)
The best way to approach early retirement
You have to have a plan before that happens.
Prepare for the possibility of retiring earlier than expected during your working years. An advisor can guide you.
An advisor can help you prepare for your retirement
With the right advisor by your side, you’ll get support for:
make informed decisions;
prepare a plan based on your short and long term goals;
reassure you in a situation of uncertainty, since you will have taken measures to prepare yourself.
Fortunately, Wayne consulted with Sun Life Financial advisor Sara Zollo before his sudden job loss. His advice was invaluable.
Are you retiring unexpectedly? Here’s how your advisor can help you.
What are your retirement savings goals? Try this retirement savings calculator to determine how much you should be saving for the future.
“We met Sara. He explains that she looked at our finances to see if I could retire. While we hadn’t considered this situation, she showed us that it was possible. Thanks to all our planning with her. »
