Retiring early sounds like a dream come true, but it’s important to take a look at the cold, hard facts.
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Retiring early sounds like a dream come true cutting the cord of the 9 to 5 routine and having all the time in the world to pursue your passions. Before you take the plunge it’s important to take a good long look at the cold hard facts of early retirement. These days more people are retiring later not earlier. The average age at which US retiree say they retired is 61 up from 57 20 years ago.
Retiring early requires enough income to be comfortable. Do you want 70% of your pre-retirement annual income or does 85% sound better? It helps to have a strategy for retirement living. Retirees report that boredom sets in as few as 10 months after retiring, finding a hobby or volunteering can help. Healthcare cost tend to rise with age and Medicare eligibility starts at age 65.
You should evaluate healthcare cost if you’re retiring early for some Cobra may bridge that gap for a small amount of time but it can be expensive.
If retiring early is your dream we can help you prepare to make it a reality. Let’s talk about it.
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rebel Financial is a Registered Investment Advisor that provides retirement planning, estate planning, financial planning and investment management services to it’s individual and institutional clients.