On this episode of The Retirement Huddle podcast, we’re talking about early retirement and if it might be right for you.
So how early do people want to retire? It depends on the person. A lot has changed since COVID, and people are realizing the value of life and not spending as much time working.
For people who have worked and saved, the main thing they need to know is whether they are ready for retirement. That’s a big question.
You need to cover certain bases to make sure you are prepared financially to retire. And you need to make sure your money can support your retirement lifestyle. You don’t want to be frivolous or foolish with your money.
There are times we need to be brutally honest with people and say, “You need to work another year.” We recommend others do a hybrid retirement where they work part-time.
If you retire early, there are some challenges, such as longevity risk, tax increases, health care, and more. The biggest challenge is making sure you have enough income to live the rest of your life. If you retire in your early 60s, you may need money for another 30 years.
Relying on Social Security alone is not a good plan, and we make sure our clients have a better plan that addresses their income needs.
So, how do you know if early retirement is right for you? Reach out, and we can help you answer that question.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
0:59 – How early?
5:21 – Realistic retirement?
6:20 – Challenges of retiring early
10:29 – How do you know?