Can I retire?

The number one question I receive over the years is, “Can I retire?”.  Various articles flood the internet providing varying advice. Coupled with watching peers and friends retiring adds to the anxiety that one should be okay to retire. Every single individual has a different financial make-up, different goals, different spending habits, liabilities and more. It is for this reason I disagree with advice distributed on a mass level as situations are so different. Your peer may be retiring. Your peer may also have received a family inheritance that you are unaware of, perhaps have paid off their mortgage or even pulled the trigger prematurely. Your neighbor may be younger with many toys, new cars and more. Your neighbor may also have significant debt that is not sustainable. Planning for retirement should be customized to each person, factoring income, spending, assets, liabilities, goals and more. Planning for retirement is important and deserves a customized approach for your unique situation. No one situation is alike to another. 

The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. We recommend that you seek professional legal advice for applicability to your personal situation. As required by the IRS, you are advised that any discussion of tax issues in this material is not intended or written to be used, and cannot be used, (a) to avoid penalties imposed under the Internal Revenue Code or (b) to promote, market or recommend to another party any transaction or matter addressed herein.