Are You Ready for an Early Retirement?
I’ve spoken to many people over the years and we all agree we’d prefer to retire as early as we possibly can. One reason is so we can enjoy life and do the things we want to do while we are still healthy, active, and young enough to do them. Another benefit of retiring early is that we can help our families and friends and still have the resources to live a comfortable lifestyle. Another reason most people would like to retire early (let’s call 62 an early age to retire) is because no one wants to be a burden on anyone. Not our kids, not the government, and not our taxpayers.
Did you know that “…twenty five percent of all middle-class Americans plan to work until they’re 80 because they don’t have enough money to retire.” That’s according to MSNMoney.com and despite what you might think of the accuracy of their news reporting I’d be willing to bet that number is close to the truth.
Who in their right mind wants to work until they’re 80? I certainly don’t (and I’m not in my right mind). I’m sure you don’t want to work that long unless it’s something that you’re extremely passionate about. And what kind of work can you expect to be doing when you’re 80 that will pay you enough to live comfortably? Who is going to hire you and offer you benefits like a 401k and health care? Who even knows what the state of health care will be when you turn 80?
My friend told me that if you currently make $100,000 per year you will will need at least $1.46 million to retire comfortably. “How do you know that’s true,” I asked him. “Because I read it on the internet,” he replied. I told him to go online and get a retirement income calculator and as soon as he gets back I’ll know if that’s true.
But for now, for the sake of argument, let’s say that it’s true. Based on your current job and salary are you on track to save that amount toward an early retirement? What if you lost your job and it took you several months or more to find another one? Will your new job pay you enough to retire early? What if they don’t offer the kind of benefits (401K, profit sharing, pension plan, health insurance, etc.) that might make it possible to save enough for an early retirement.
There are some things you can do to start planning for an early retirement;
- You can win the lottery but let’s face it, what are the odds of that happening?
- You can get elected to public office, vote for a couple of pay raises for you and your colleagues, serve for a few years, and receive a lucrative pension for the rest of your life.
- Get a really high paying job like a doctor, or a lawyer, or a professional athlete, or an entertainer, or a brick and mortar business tycoon…yeah that might be the ticket (if only you started preparing for this path when you were still in grade school).
I know people are drawn to negative headlines and scary movies but when the two are combined the results can be a living nightmare. Check out these headlines that might keep you up at night eating pop corn;
I hope you noticed that comment in the lower right corner of the screen shot where the person says, “I live for the moment…” Is that the craziest, scariest, thing you’ve ever heard? I’ve never read a Hollywood monster movie quote scarier than that!
According to Time magazine many retirees have no choice but to move in with their kids due to a lack of savings. This doesn’t surprise me and it may benefit the retiree and their kids. The retirees gets a roof over their head and they get to spend time with the grand-kids. The kids get a baby sitter, a house keeper, a cook, a chauffeur and more.
Wouldn’t you rather have a place of your own so you can do the things you really enjoy and come and go as you please? You’ll still have time for the grand-kids but it will be on your terms.
Before you throw-up your pop corn consider this;
You can start an online business and if you do it right by getting the proper training and working hard for a few years you might discover that you can retire much earlier than when you’re 80 years old. You may even be able to retire a mere 5 years from now. And if it did take 10 years from now, well that’s not so bad is it?
I’d love to hear your thoughts on this important topic (especially if you’re a loving grandma and/or grandpa watching Bebe’s kids… LOL!). Leave your comment in the box below. And don’t forget to share this with your family and friends and Bebe too!
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