Here's how to build a backup plan if Covid-19 forces you into early retirement:
Calculate What You Need For A Good Retirement
Say you spend about $40,000 a year, then you would need $1,000,000 in your accounts in order to have a strong likelihood that your money will last through your retirement.Maybe it’s time to downsize the house. Or maybe by simply reducing the number of trips you take each year, you can cut a large chunk of your expense line. Or maybe it’s finally time to move to that lower cost of living town.
According to the Transamerica study, only 11% of Boomers and 15% of Gen-X expect to fund part of their retirement by working in some fashion. It’s one, though, that can allow your portfolio to breathe a bit, since you’re not taking the full amount of your expenses out of the portfolio during your earlier retirement years.
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