What to Do if You're Forced Into Early Retirement

Did you know that over half of American workers are forced into early retirement (USA Today)? Joe and Al discuss the importance of having a solid retirement plan to fall back on in case the worst happens. Find out why Roth IRAs are so valuable and why taxes should be considered in your retirement plan.

3:02 “If you were forced to retire unexpectedly today, would you be prepared or would it be a huge financial setback?”

3:37 “According to a recent article in USA Today, 60% of retired U.S. workers retired unexpectedly”

11:48 “Take a look at your net pay from your paycheck…take your paycheck then multiply it by the number of paychecks per year—that’s your net pay”

15:28 “When that big paycheck stops or you sell your business, you’ve got to create your own paycheck”

16:27 “One of the things that is completely ignored most of the time is taxes when it comes to your retirement income”

17:06 “When you tap your retirement nest egg, it comes with all sorts of new rules and opportunities…as you near retirement, tax planning becomes more important than ever”

19:42 “Let’s say you wake up Monday morning and you are no longer employed—you are forced into retirement. Take a look at your Social Security benefits; how much Social Security can you anticipate coming in to the household? If you have a pension, take a look at that. Then take a look at your savings”

22:53 “You never really know how long your job’s going to last, so look at different ways to be diversified and how you can generate more cash flow”

24:21 “Distinguish between temporary and permanent choices”

25:45 “If you can maximize your savings now, max out your 401(k) plans, get your Roth IRAs going, look at Roth IRA conversions, pay down some debt—make sure you are financially prepared”