4. SHOULD I CONSIDER A “BUYOUT” OR EARLY-RETIREMENT PACKAGE?

An increasing number of employers are offering early-retirement packages to professors and other employees. Typically, they will give you a lump-sum distribution based on your age, service, and contract. The decision about whether to keep working or accept a buyout is complex. You’ll want to consider all of your options and run the numbers before making a decision. Some factors to address include the following:

• How will early retirement affect your pension benefits and other retirement income?
• Do you need to start taking Social Security immediately, or can you allow your benefits to grow?
• Does the buyout come with low- or no-cost health insurance until you are eligible for Medicare?
• Do you have enough money saved for retirement, or do you need to keep working to save more?
• What are the tax implications of taking a lump-sum distribution?
• Is there a risk of future layoffs at your employer?
• Do you love what you do?

Ultimately, many factors will affect your decision to accept an early-retirement package. We suggest consulting with your financial representative to help you understand your options and the benefits and drawbacks of each choice.

5. WHAT DOES MY DREAM RETIREMENT LOOK LIKE?

Knowing how much money you need to retire also depends on what lifestyle you desire after your career. Take a moment to think about what a relaxing retirement means to you. Do you want to spend more time with loved ones? Do you want to pursue your passions and hobbies? Do you want to travel?

Everyone’s retirement dream is different, and an increasing number of active Americans are redefining retirement for themselves in new and interesting ways. Today’s retirees can expect to live long, active lives, making retirement more like the dawn of a new chapter of life rather than a sunset. Knowing what this lifestyle means to you requires taking the time to thoughtfully brainstorm your vision.

6. HOW CAN A FINANCIAL REPRESENTATIVE HELP ME?

Regardless of what your dream retirement looks like, prudent financial preparation and actionable strategies can help you maximize your income while managing risk — and bring your visions to life. We believe strongly in the value of experienced guidance and objective information when navigating your transition into retirement. Many Americans have intricate financial situations, and it’s very common to have questions and concerns about meeting your obligations in retirement. A financial representative can help you understand your current financial circumstances and develop strategies to take you toward your future goals and help you live the life you imagine.

NEXT STEPS

We hope you’ve found our 3 part retirement guide interesting and informative and a helpful starting point for details to consider. While retirement strategizing is complex, you can create a more comfortable retirement tomorrow by taking the steps you need today. Most of all, we want to encourage and support you as you prepare for retirement and for this next stage of your life.

Remember, as you navigate your transition from work into retirement, we are here to serve as a resource for you and your family. We’re happy to answer any questions you may have about your personal financial situation or future goals. In addition, if you have any questions about the information presented in this report, please don’t hesitate to contact us. We enjoy and appreciate the opportunity to help you fulfill your retirement goals and live your best life.

^{Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, member FINRA/SIPC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Bush Wealth Management and LPL Financial are separate entities.}