Want To Retire Early? 5 Reasons It May Not Happen For You

Many people seek our financial planning services to get a better handle on their over all financial situation and to better understand what they need to do to better meet their future goals.

A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

 

 

The 8 Steps To A Successful Early Retirement

How would you like to retire early? Maybe 62 is a good age or maybe you’d like to retire at 60 or even 55.

But unless you’ve won the lottery, have a government pension or are the favorite niece or nephew of a rich uncle, you may find it difficult to achieve your goal. If can still be done, though. You have two options: cut your expenses or increase your retirement savings. Better yet, do both.

More specifically, you should be able to take that job and shove it at an age earlier than 65 if you do the following:

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Instead of full retirement, many opt to ‘phase out’ of work

Seven years ago, Steve E. Norwitz, who was then a 61-year-old executive at the Baltimore mutual fund group T. Rowe Price, proposed a scaled-down work schedule that would reduce his duties.

“I didn’t figure it would go beyond two years,” said Norwitz, who started working at T. Rowe Price in 1977. In fact, “10 years ago, I thought I’d retire at 60.”

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Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755