A common theme that I have been noticing with my clients lately is the desire to retire early. Many people are considering an early or partial retirement for more fulfilling roles. However, the reality of leaving work early can be far different than expected. , only 11% of today's workers plan to retire before age 60. If you fall within the 11% crowd, there are a few things you need to consider before deciding on early retirement.
With early retirement, many individuals start to experience a lack of social interaction since their peers are all likely still working. While you may have time to play golf or go to the beach during the day, your friends who are working 9-to-5 don't have that luxury. If you do not have a big family, grandkids, or the ability to make new friends to occupy your time, this is something to consider before retiring early.Many people approach early retirement the same as traditional retirement when it comes to their budget. However, you will spend more money than you think during early retirement.
Some other expenses that you may have compared to traditional retirement are mortgage payments, childcare expenses, and debt payments. To prepare for all these expenses, it is important to create a budget and structure where you pay yourself on a set frequency, like a job.It is inevitable that medical expenses will be one of your largest expenses during retirement.
Source: News Formal (newsformal.com)
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