Merrill Lynch’s Brodie Johnson: Semi-Retirement Success

Brodie Johnson retired from his investment banking career after working with Merrill Lynch for over three decades. He now enjoys a semi-retired life that keeps him intellectually engaged while still allowing for free time and relaxation.

Semi-Retirement Success

To successfully enter semi-retirement as Merrill Lynch’s Brodie Johnson did, you’ll need to understand how this impacts your retired life.

The following factors represent two critical points to discuss with a trusted financial planner before starting your semi-retirement journey:

· Semi-retirement affects your Social Security checks. If you retire before full retirement age, your checks will be penalized for every dollar you make over $17,640 (as of 2019).

Semiretirement usually means filing taxes differently. Most semi-retired professionals need to submit a 1099 form and set aside taxes for quarterly payments to the government. Any slipups here can be costly when tax season rolls around!

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