Financial Security & Early Retirement
Most people like to believe that they will be able to retire years
before they reach full retirement age. Although this is a nice thought,
it’s not very realistic unless you commit
to solid planning early on.
One of the first things you should
decide is at what age you would like to
retire. The second thing you’ll need to
know is how much financial security you
expect to have. A good financial planner
can help you estimate how much you’ll
need to retire at your target age.
With this number, you can now begin
crafting a savings and investment plan. Keep in mind that this is only
an estimate and also that with an early retirement, you’ll have to plan
to live longer off your nest egg.
Once again, a financial advisor can help you determine the best way
to invest your money in order to achieve your retirement goals. In
most cases you will find that if you save and invest wisely, you can
have a secure financial future that will extend beyond retirement.
But what if the prognosis isn’t good? What if you aren’t able to reach
your savings goal by your target age?
There are a couple of alternatives. First, look at how close you are to
your goal? Would a few more years make a difference? If so, then
maybe you still retire early, just not as
early as you had originally planned.
If your retirement fund would carry
you through retirement but for a small
gap each month, then consider
working part-time instead. Maybe this
is when you get that job as a travel
agent or go to work as a substitute teacher. Working part-time gives
you some flexibility to choose a career because you find it rewarding,
not because it pays the bills.
Also remember that you can continue to save after you’re retired.
This, combined with a part-time job might be all it takes to make that
early retirement dream a reality.
Experienced estate planning attorneys Seattle WA of the Byrd Garrett
PLLC offers estate planning and business planning resources to
residents of Seattle WA. To learn more about these free resources,
please visit http://www.byrdgarrett.com today.