President Donald Trump offered buyouts to millions of government workers, with a decision deadline of Thursday, February 6. Similarly, for those contemplating early or unconventional retirement, David Stryzewski, CEO of Sound Planning Group, shares important advice.
Stryzewski explains to "Wealth" host Brad Smith the seven financial steps needed for successful retirement planning, regardless of age. These include planning for income, investment strategizing, tax diversification, healthcare planning, and estate planning. Stryzewski stresses the importance of creating a solid spending and income plan, noting, "If you fail to plan, you plan to fail."
"One of the big issues right now is that if your outgo exceeds your income, your upkeep's going to be your your downfall," Stryzewski explains. "So, we've got to know what that burn rate is, and a real key to that is also what you're going to do with your Social Security."
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This post was written by Josh Lynch