We hope you're all holding up and doing your best to enjoy the summer so far. My wife and I just wrapped up with selling our house and moving into a rental while we build our next home. All I've got to say is that moving in the middle of the NC summer heat is definitely not the most fun of experiences, but we were lucky to have Kelly's help and we survived without completely losing our minds. Some of you are getting kids or grandkids ready to go back to school, whether that be virtual or in-person classes, so we've all got plenty on our minds. We'll try to keep this month's newsletter short and sweet.
This month's The Wealth Report touches on ideas for drawing income for an early retirement. With the Coronavirus making the work environment for many less than desirable, a lot of people have been thinking about whether they can retire early. There's plenty that goes into deciding whether you can afford to hang up your apron (especially if it's earlier than you had anticipated), so be sure you're considering the various sources of income that can be drawn from and some of the pros/cons of each. As with any retirement plan, you need to be sure you're diversifying income streams and that you're accounting for inflation and fluctuations in the market. Retiring early adds a few extra challenges, so you need to make sure you're consulting with someone who is experienced in dealing with various types of accounts and can give you a heads up on any potential issues that may pop up.
If you've got questions or concerns about your current retirement plan or you'd like to discuss whether you may be able to retire early, then feel free to reach out to us for a review. We are set up to work remotely if you're not comfortable meeting in-person for the time being. Also, if you have friends or family that are worried about their financial plans for the future during this time, then encourage them to reach out to us. We are here to hopefully provide a little clarity during this uncertain time. Just let us know if there is anything we can do to ease some of your concerns going forward.