You’ve probably heard about the big changes we’ve seen in the job market recently and what’s being called “The Great Resignation.” If you are thinking about changing careers, taking a break from work, or retiring early what do you need to know before you do so?
If you do take a break from work, it can impact your Social Security payments later on. Social Security calculates the average of your 35 years of highest-earning. A big pause in your work history can really mess up your payments. Some people think they can use their 401(k) as a rainy-day fund, but this is probably not the best decision when it comes to your retirement future. On today’s episode, we will be discussing how being part of “The Great Resignation” may affect your Social Security, 401(k), and more.
1:07 – The Key Points
5:05 – Impacts on Social Security
7:51 – 401(k) rainy day fund
10:06 – Take your 401(k) with you
11:27 – Retiring early