By Ted Quillen, CFP®, AIF® | WSFS Bank
For many Americans the thought of early retirement can be very appealing. For those that enjoy their career, having the flexibility to spend more time with family, travel, play golf or enjoy other activities during “normal’ work hours can lead workers to contemplate early retirement.
If you’re confident that you have the resources to live your desired lifestyle and are considering taking the next steps, here are a few points to consider as you make your early retirement plans.
- Do I have enough savings: This is the first question many people ask when contemplating early retirement. Not only do you need to plan until some other form of retirement income begins, but for the rest of your life. There are many factors that go into this planning, including income needs, projected investment growth, inflation, healthcare costs, and longevity.
This is where the expertise of a financial planner can be invaluable in compiling your data and providing advice on the feasibility of your retirement plan.
- Outspending your plan: We know what they say about the best laid plans, and it can be true with retirement spending. The rule is that you should set a goal that’s about 80% of your pre-retirement income to live a similar lifestyle.
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