THE GREAT RESIGNATION: SHOULD I QUIT MY JOB?
It is here and it’s real, but are you financially ready to leave the workforce?
Retiring vs. Resigning
However, if you are quitting your job and it’s the last one you’ll have, meaning you’re using the Great Resignation as an opportunity to retire early, you need to have a financial plan for much longer than that.
That plan will need to include how you’re going to generate an income during retirement, one that can pay your bills, cover your health care costs – which will likely rise as they will no longer be subsidized by an employer – and can support the lifestyle you want.
This can be particularly challenging for early retirees.
“Once an employee retires, many of the guardrails disappear,” writes Kelly O’Donnell, executive vice president and head of workplace at Edelman Financial Engines.
“The system that helps lead employees to retirement goes away the moment they begin relying on savings for income.”
But whether you’re thinking about quitting the workforce temporarily or for good, one of the best things you can do before you make that final leap is to meet with a financial advisor.
An experienced Edelman Financial Engines advisor can help guide you through the decision-making process to determine if resigning is the best move for you or if there are other alternatives to help achieve the outcome you’re looking for.