Planning To Retire Early?
Most people would love to retire early. This is tough, today, in an age when a lot of people worry that they will never even be able to retire at all! Consider some of the issues that people face when they want to retire early to see if you can overcome them.
What are some big problems with early retirement?
Take a few moments to look at some issues and answers. This way we can still determine if we have a good chance to leave our jobs sooner or later. If you have been able to build up your retirement income, have benefits, and can live comfortably without work, you may be able to leave your office behind.
Having a comfortable retirement income is one of the biggest problems. We do not know how long we will live. We cannot predict how long our money needs to last. You may have some guaranteed income from social security and pensions. Otherwise, you will have to live on your savings. Most of us do not estimate the amount of money we will need very well.
An easy answer is to reduce your standard of living.
Do you still occupy the big house you purchased for your family? Maybe this is a good time to decide if the expense is still worth the expense and trouble. You really do not need to pay for all of the upkeep, taxes, and repairs just so you can keep an empty bedroom when the grandchildren come to visit twice a year. Even if you have to pay for a hotel room, when they visit, you may be better off financially.
Retirement health insurance is another big problem. If you retire at 55, what do you do until you qualify for Medicare at 65? Some companies allow retirees to stay on company health plans. Many do not. You may need to address this issue. There is a solution that may help you get decent medical insurance and increase your income a bit.
You may want to leave your current job for a variety of reasons.
What about getting an easier job? You should be able to find something that provides you with an income and gives you a health plan. Many people have found that taking contract or part-time work is a good balance between leaving a very demanding job and quitting work altogether.
Should you retire early? Only you can make the right decision. Your current savings, benefits, and income will be your guides. I hope you make it.