Is Early Retirement For You?

Many of us dream of the day we can retire

Many of us dream of the day we can retire. A few of us even still hold onto a the hope of retiring early. However, there are a lot of problems with enjoying an early retirement. Can you overcome these problems to live your dreams?

What are some big problems with early retirement? Take a few moments to look at some issues and answers. This way we can still determine if we have a good chance to leave our jobs sooner or later. If you have been able to build up your retirement income, have benefits, and can live comfortably without work, you may be able to leave your office behind.

Having a comfortable retirement income is one of the biggest problems. We do not know how long we will live. We cannot predict how long our money needs to last. You may have some guaranteed income from social security and pensions. Otherwise, you will have to live on your savings. Most people underestinate the true total of how much money they will need to live comfortable for a long time.

An easy answer is to reduce your standard of living. If you still live in the large house you bought when your kids were young, maybe you should consider moving to more modest housing. You really do not need to pay for all of the upkeep, taxes, and repairs just so you can keep an empty bedroom when the grandchildren come to visit twice a year. Even if you have to pay for a hotel room, when they visit, you may be better off financially.

Retirement health insurance is another big problem. What if you decide to retire at fifty-five, but still will not get Medicare benefits until you are sixty-five? Some companies allow retirees to stay on company health plans. Many do not. You may need to address this issue. There is a solution that may help you get decent medical insurance and increase your income a bit.

You may want to leave your current job for a variety of reasons. But you may be able to replace it with less demanding work that still pays some bills, increases your savings, and provides a medical plan. Many people have found that taking contract or part time work is a good balance between leaving a very demanding job and quitting work all together.

Should you retire early? Nobody but you has the right answer. Your current savings, benefits, and income will be your guides. I hope you make it.

by: Marilyn Katz

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