We are starting to hear this question more often and I wish I had a quick and easy answer but everyone’s financial story is different. Just like snowflakes, no two peoples’ situations are the same.
Two hurdles you face when retiring before 65 include cost of healthcare and getting less than the maximum amount from social security. Both of these can make or break most retirement plans.
If you’ve saved, planned and prepared for early retirement, it might be possible. People do it every day. On the other hand, if you’re just sick of doing what you’ve been doing for the last 20 or 30 years and on a whim, you want to quit, then it’s probably a really big mistake.
It all depends on how you define retirement. Are travel, entertainment, or charity part of your retirement strategy? Are you planning to start a business or second career that would provide an income after you retire? Are you financially prepared to pull the trigger and just scared to do so?
I’ve uncovered a couple of issues relevant to answering the early retirement question, but that’s just a drop in the bucket. There’s just no quick and easy answer. If you’re thinking about retiring early or if you have questions about retirement, please call or email us. We’d be thrilled to talk to you. I’m Zak Fearing with Morrison Financial.