It feels like the average age of retirement is always shifting forward several years the closer you get. For many, it can feel like they will never get the chance to put their feet up and rest. However, a few lucky people manage to retire early, much earlier than their friends and neighbors. But it isn’t as easy as simply having plenty of money in the bank, or indeed hitting the jackpot at the casino. So how can you know you’re ready to retire early? Here are three things to consider.
What Do Your Savings Look Like?
The main thing to consider with early retirement is your savings. Hopefully, you’ve spent most of your working life putting a little money away here and there to save, even those who delayed saving for whatever reason in the 20s and 30s should still have something that they can fall back on.
It isn’t all about savings, though. You can have all the money in the world, but if this isn’t sufficient for your lifestyle, you’ll not be able to retire comfortably. Look at the money you have, as well as any investments and interest benefits, and ask whether this is enough to support you and your partner for the rest of your lives.
Have the Kids Moved Out (For Good)?
In an ideal world, kids would not need to depend on their parents once they reach a certain age. Decades ago, this was easy, but numerous circumstances have caused kids to move back in with parents over the past few years, and this has made it challenging for many people to retire and for their kids to achieve the independence they need to live the same life.
It shouldn’t be an issue for kids to visit and stay for a few nights if they need to, but if they need to stay long-term, it can cause issues with your retirement plans. Of course, this is generally no fault of their own, with low wages and an expensive housing market, but it is still something you should think about.
Are You Ready to Move Elsewhere?
Many people will move away once they retire. They move somewhere fun or relaxed, which involves selling the house and searching for somewhere new to call home. Platforms such as https://propertiesmiami.com should appeal to those looking for sunshine, while those who prefer the rejuvenating atmosphere of nature can find something similar.
But, it’s no good having these ideas if you don’t feel ready. Is your house full of junk? Do you still have payments for your car? Are there still commitments close by that make it difficult to move? Consider what anchors you to your current home before you start looking for homes somewhere warmer.
Most people dream of early retirement. They dream of hanging their boots up for good and doing everything they’ve not had the chance to do earlier in their life. If you’re planning on retiring early, you must consider these three points to ensure you have everything you need to live the rest of your life in comfort and financial security.