Why Americans are Retiring Earlier than Planned

Most people have an idea of when they'd like to retire, but life doesn't always follow the timeline we have in mind. Health concerns, job loss, workplace changes, burnout, or family caregiving responsibilities can all lead to retirement happening earlier than expected, making preparation for the unexpected an important part of retirement planning. This week on Money Sense, Nik Kibardin, CFP®, and Amy Bremmer, CFP®, Wealth Advisors at Ellenbecker Investment Group, discuss how to prepare for retirement on your own terms rather than being forced into it by circumstances beyond your control. They explore four common reasons people may leave the workforce earlier than planned and how today's retirement can look very different from previous generations.

The conversation also outlines seven steps that can help you prepare for greater flexibility in retirement, from creating a personalized financial plan and diversifying retirement income to developing a tax strategy, maintaining your employability, and planning for family responsibilities. Whether retirement is years away or quickly approaching, thoughtful preparation can help you navigate the unexpected with greater clarity and confidence.

Episode Highlights:

0:38 | Why retirement may happen earlier than expected

3:03 | Four common reasons people are forced into early retirement

6:25 | Workplace changes, burnout and career disruption

7:41 | How caregiving responsibilities can change retirement plans

9:41 | The changing face of retirement today

10:13 | “Light switch or dimmer?” Rethinking the transition into retirement

12:51 | Seven steps to help you retire on your own terms

13:15 | Building a personalized retirement plan

14:52 | Preparing financially for the unexpected

17:09 | Diversifying your sources of retirement income

17:44 | Creating a tax strategy for retirement

18:36 | Investing in your skills and future employability

20:33 | Planning for family and caregiving responsibilities

23:38 | Choosing the right financial professional

24:16 | Final thoughts on preparing for the retirement you want

ELLENBECKER INVESTMENT GROUP Presenter of the Money Sense Podcast. Ellenbecker Investment Group (EIG), a registered investment advisor, provides comprehensive financial planning and fiduciary wealth management services for individuals, families, businesses, and charitable organizations. EIG's planning-first approach helps clients align their financial decisions with their values, goals, and long-term vision for the future.

Website: ellenbecker.com

This podcast is for educational purposes only and should not be considered legal, tax, or financial advice. Guest opinions represent the views of the individuals speaking, and references to specific products, services, legislation, or organizations do not imply endorsement by Ellenbecker Investment Group. Before making financial, tax, or estate planning decisions, consult with qualified professionals familiar with your individual circumstances.