Retirement and Interest rate
Hello – I was planning on retiring in July 2023. I can retire this year or next. I will be 60 next year that is why I was choosing to do it in 2023. Now I am thinking about retiring this year due to the interest rate that will be going up next year. I could lose a lot of money if I wait until next year. Does the interest rate usually go up 1% point or can they raise it a half percent? What are your thoughts about this?
Terry Says
I have no idea why interest rates would impact your retirement decision! And in general, I would say that age 60 is too young to retire — unless you have a huge sum of money set aside, or you have a terminal illness!
Please review your plans with a trusted FIDUCIARY FEE-ONLY financial advisor before you make this decision.
You can find one at Wealthramp.com.
Otherwise, I think you have a good chance of winding up as a bag lady — because the average life expectancy of a woman your age is 87– that’s nearly 30 years of living on Social Security (which you shouldn’t take before at least 67, not at 62) and your savings!
