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Early retirement takes smart planning and investing. The good news: It’s possible if you follow some basic tips!
Imagine being able to explore your passions, travel and enjoy more free time – long before the usual retirement age. It’s easy to see why you’re thinking about early retirement! To get there, it’s important to keep some tips in mind.
Key Tips for Pursuing Early Retirement:
When planning for early retirement, start by asking yourself some important questions, like:
Everyone’s retirement looks different, so it’s important to set clear goals and plan ahead.
To retire early, you need to have enough money for the lifestyle you want. For example, to retire at 50, there’s a good chance you’ll need enough savings to cover 30-40 years of living expenses.
Make sure you’re saving as much as you can, especially with a 401(k) or 403(b) retirement account. If you’re 50 or older, you can save even more with catch-up options.
It’s important to have multiple income sources for retirement. Some examples are extra savings, rental income or a part-time job.
Remember, if you retire before age 59½ and withdraw from accounts like a traditional IRA or 401(k), you could face a 10% penalty. Social Security benefits start at age 62, with full benefits ready at 67.
In the first years of retirement, many people are surprised by how much they spend. With more free time, it can be easy to splurge. Don’t burn through your money too fast!
Health care can be a big expense in retirement. Since Medicare doesn’t kick in until age 65, carefully plan for your needs and know how it will affect your savings. A health savings account (HSA) could be a helpful tool.
It’s important to create a routine, socialize and keep setting goals in retirement. To stay healthy and happy, focus on what you enjoy and discover what gives your life meaning.
Planning for early retirement requires regular reviews of your finances. Schedule check-ins with a knowledgeable financial advisor to help stay on track with your goals.
No matter what your early retirement looks like, you can pursue your goals with a strong plan and help from an advisor who cares. We’re here to support you every step of the way – contact us today!
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