Mailbag: Is Now The Time For An Early Retirement?

The View From The Pinnacle

Is it time to retire? Should you pay off the house? How much do you need to have in the bank? Sean answers these three listener questions on today’s podcast.

Click the timestamps below to fast forward to certain points of the episode.

 

Thing’s You’ll Learn Along Today’s Journey

This week we’re going to be answering questions for listeners of the podcast. As the pandemic continues, financial decisions are happening maybe sooner than you anticipated but could be opportunities as you move forward.

George is a small business owner who had to close his business during the pandemic. He’s since been able to reopen but at greatly reduced capacity. It’s not sustainable, so is it too soon to consider early retirement?

Take some time to get some clarity. Meet with someone to review all of your options. Can you sell the building? Can you lease it? What kind of business value do you have to sell it? Do you have a transition plan and an opportunity to continue to have an income from it?

Tony has both his own home and a rental home. Which one should he pay off first? Sean shares his personal opinion on it. What would happen if you did a debt waterfall?

Finally, Sandy wants know how much money she and her husband should have in the bank before they retire. Do they need a full year’s worth of expenses? Or just $20k to cover it? Which spouse is right in their thinking? Sometimes it comes down to personal preference or finding the right compromise.

Listen to the entire episode or click on the timestamps below to skip to a particular question.

[1:28] – Mailbag: As a small business owner, is now the time to retire early?

[5:25] – Mailbag: Which should you pay off first, your home or your rental property?

[8:40] – Mailbag: How much money is enough to have in the bank when about to retire?

 

Looking Back From The Mountaintop

We’re a country built on small business. There’s a big toll that comes with opening, reopening, and opening at reduced capacity.

-Sean Lee

 

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