Cortburg Speaks Retirement

Retiring Early? What You Need to Know First

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2025 • Episode 253

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In this episode, Miguel Gonzalez, CRC, breaks down the essential financial, healthcare, and lifestyle factors to consider before retiring in your 50s—or even earlier.

Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.

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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

This week, we’re tackling a question that’s becoming more and more common:

“Can I retire early?”

Whether you’re dreaming of leaving the workforce at 55 or stepping away even sooner, early retirement comes with real opportunities—but also serious risks.

Let’s take a closer look at what you need to know before you hand in that resignation letter.

1. Health Insurance: The Bridge to Medicare

If you retire before age 65, you’ll need to cover your health insurance until Medicare kicks in. That gap could be 5 to 10 years, depending on your age—and it can be expensive.

Here are some options:

  • COBRA from your previous employer (usually up to 18 months)
  • The Health Insurance Marketplace (Affordable Care Act plans)
  • A spouse’s employer coverage (if available)

You’ll want to budget carefully. Health care costs in early retirement are often underestimated—and they can be one of your biggest expenses.

2. Access to Retirement Savings

Many people assume they can start withdrawing from their 401(k) or IRA as soon as they stop working. But here’s the catch:

  • Withdrawals from traditional IRAs and most 401(k)s before age 59½ are typically subject to a 10% early withdrawal penalty—on top of regular income tax.
  • There are exceptions: If you leave your job in the year you turn 55 or older, you can access your 401(k) penalty-free—but only from that employer’s plan.
  • Roth IRAs offer more flexibility, but only for contributions—not earnings, unless the account is 5+ years old and you’re over 59½.

That means careful planning is required to access funds without penalties or major tax consequences.

3. Social Security Timing

Retiring early doesn’t mean you should claim Social Security right away. The earliest you can file is age 62—but doing so comes with reduced benefits for life.

If you stop working at 55 or 58 and claim benefits at 62, your Social Security payments may also be lower because you’re missing out on your highest earning years.

Consider whether it makes sense to delay benefits and use savings to bridge the gap.

4. Longevity Risk: Will Your Money Last?

One of the biggest concerns for early retirees is outliving their money.

Let’s say you retire at 55 and live to 90—that’s 35 years of retirement income to generate.

Key questions to answer:

  • Have you saved enough?
  • Is your portfolio designed for growth and income?
  • Are you accounting for inflation and rising healthcare costs?

Even if you’ve built a large nest egg, your withdrawal strategy and investment mix will make or break your success in early retirement.

5. Purpose and Lifestyle

Early retirement isn’t just a financial decision—it’s a lifestyle shift.

  • How will you spend your time?
  • Will you travel, volunteer, start a business, or go back to school?
  • Do you have a plan for staying active, engaged, and fulfilled?

The happiest retirees are the ones who retire to something—not just from something.

In Closing

Early retirement can be incredibly rewarding, but it requires thoughtful planning and a clear-eyed look at your finances, health care, taxes, and lifestyle.

The good news? With the right guidance, it’s possible to design an early retirement that works for you—without regrets down the road.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

CRC conferred by The International Foundation for Retirement Education.


 Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
 
 

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
 
 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
 
 

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

 



 

 

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