Is 50 too young to be thinking about retirement? After all, people are working into their 70’s nowadays! If you are an Intel employee age 50 or over, here are some things you should be considering.
#1 Begin to think about your retirement goals
Where do you see yourself settling down in retirement? For some people this is something that you don’t devote much thought to. Let’s say for example you are an Intel employee in the Phoenix, AZ area. You may just assume that this is the right place for you. There are certain advantages such as the fact that Social Security benefits aren’t taxed, the weather is warm and opportunities for part time work abound. However others may say that they don’t want to have to get around by car or that the torrid summers are a pain.
Location is only one aspect of this picture. You will also want to think about the type of community you’d like to be a part of. Are you planning on living with relatives, friends, or is a retirement community a better option?
#2 Assess where you want to be vs. where you stand now
Intel employees have a great benefits package including 401(k) plan, medical etc. You may have accounts from past employers or your portfolio may just be scattered amongst numerous brokerage firms.
Create an assessment of where you are currently in terms of assets, liabilities, and cash flow. Then look at where you want to be in order to position yourself to be able to retire. Will your trajectory naturally lead you from one point to the other, or are there things that need to be addressed?
#3 Estimate your retirement age
There are a number of psychological, physical, and financial factors that will determine when you retire. Some Intel employees love their work and would stick around until the bitter end. Others would prefer to spend the last few decades of life pursuing leisure activities and spending time with family. You may have a health condition that limits your ability to work longer than a certain age.
As mentioned in #3, a financial plan will help you know when it is realistic given the means that you have available to you. Weigh this against the other factors to figure out an age range within which you would like to pull the plug.
#4 Plan out social security
For Intel employees in Phoenix, AZ, you can be overjoyed to hear that your social security benefits are not taxed as long as you are a resident of this state. Congratulations!
It’s never too early to be gathering information about your social security benefits. Again, this relates back to your financial plan as it is a key input. And there are technical aspects to figure out. You may even want to confirm with the Social Security Administration that your wages are accurate. If you are married, what is the best strategy for the two of you to follow? Can one person work to support the other one to delay having to tap these benefits to result in a higher payout later down the line? All of these questions are good to be thinking about way in advance.
#5 Address the gaps
The great thing about starting to think about retirement this early is it allows you time to fix the things that you see as out of alignment with your goals. Should you be saving more? Do you have a will or trust in place to protect your assets? Make a list and get started addressing these gaps.
Retirement planning for Intel employees ages 50+
Did we inspire you to begin the process of thinking about retirement? We have worked with Intel employees in the Phoenix area and would be happy to answer any of your questions. Please contact us to chat.