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Moving from Work to Retirement

As you near retirement age, there are a lot of decisions to be made. The most important one is whether you can afford to retire, and if so, at what age? Is early retirement a possibility?

The first step to sorting out these decisions is to review what you’ll need to cover expenses once you retire and possible sources of income. Try to make this as accurate a picture as possible.

Retiring Early

If the company you work offers an early retirement package, find out everything about it – what does it entail, and what are the consequences of taking early retirement?

One of the aspect to consider would be how this would affect your Social Security benefits.

Retiring Later

Delaying retirement is usually considered for one of two reasons–either you can't afford to retire, or you enjoy working too much to stop. Regardless of the reason, the consequences are the same. There are some obvious benefits – more time to save and less time to rely on your retirement funds. There are also consequences for Social Security benefits, IRAs, and employer-sponsored retirement plans, so find out exactly how retirement at various ages will affect all your income sources.

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Some of this material has been provided by Broadridge Investor Communications Solutions, Inc.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.

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