The idea of strolling along sandy beaches without a care on the world, cocktail in hand while you watch the sun go down over your kingdom, may seem like a pipe dream. Financial security may have gone out of the window for a while. Coronavirus has not just hit the economy; it has affected millions of lives, especially older Americans.
The coronavirus pandemic caused havoc among Americans age 55 and up. People lost their jobs left, right, and center. The unemployment rate for this age group reached a staggering 13.6 percent in April. Looking back to January when it was a fraction of that at 2.6 percent, it’s a no brainer to realize that folks out there are in trouble. Boomers are being struck by the pandemic disproportionately compared to younger folks. Research showed 20 percent of Americans in their 60s have lost their jobs or been furloughed due to COVID-19. That is one out of every five people who are in their later years.
We all need money to survive. Without money, we just can’t get by, and our future is in jeopardy. We need a roof over our heads, and we have to pay our bills. We all have to put food on the table. Many are beginning to ask themselves, what is important. If you can’t eat out and you can’t go anywhere and do anything, what comprises a quality of life? Perhaps retiring early isn’t as bad as all that. 15 percent of us are considering claiming Social Security benefits earlier than anticipated. If you start doing the math and move to somewhere with more land in a state that has a slower pace of life, you might just get to be on a beach and enjoy the sunset at a fraction of the cost compared to retiring in the Bahamas.
It isn’t all just sunsets that have to be considered. For instance, health and wellness have to be top of your priority list especially in 2020. It has been found that a Medicare Supplement Plan G in Miami, Florida can cost a lot more than elsewhere for the same thing. A monthly premium of around $286 is a fraction of the price in Omaha, Nebraska at about $90. If you are retiring early and have a fixed income from Social Security, the difference of $200 could be huge.
If you are finding yourself on the brink of retirement and you didn’t plan on retiring, it might be time to take stock and make some decisions. If you play your cards right it could end up giving you a better way of life than you have at this moment.
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