Can You Retire Early?
Wednesday July 11, 2007
How does retiring at the age of 60 sound? No-brainer, right? Now, here's a tougher question for you: Do you know how much you should be saving if you want to make your early exit a reality?
See, I told you it was going to be a toughie. No need to break a sweat though--Money Magazine has an early retirement calculator that you can use to find out if you're on track. Just choose your age group from the drop down menu, enter your annual income; and it'll show you just how much you should have saved.
A bit behind on your retirement savings? No problem; we frugal types know how to play catch up.
I can’t understand our obsession in America with retiring completely. I can’t think of a single retiree I’ve talked to who can stand not working at least for a few hours a day, and these folks are happy and busy a good part of the time. Most tell me retirement ain’t what you think. Unless you’re very wealthy, ha-ha. I’m 52 and hope I never have to retire completely. My house should be paid for by the time in less than 9 years (I’m making extra payments) and don’t plan to change my frugal ways but can’t imagine getting up every day and not having worthwhile employment of some kind, even if it’s not doing what I do right now (I’m a medical transcriber and work from home). Most folks I know feel the same way.
Hi, How can you retire early? You will loose your medical insurance. It costs to much to buy your own insurance and is very difficult to find an insurance company that will accept you with preexisting conditions.
Preparing for early retirement isn’t about wanting to work vs not wanting to work. It is about having to work vs not having to work. As for me, I would retire today if I could. I actually like my current job, but there are so many other ways that I would love to spend my time. I would love to have more time to explore, read, and learn. I would love to have more time to garden, cook, and visit with friends and family. I would love to have more time to be me.
Just think about all of the wonderful work you could do if you didn’t have to worry about working for money. You could volunteer at your local food pantry, animal shelter, adult literacy organization, or community theatre. You could homeschool your children or grandchildren. You could become a better informed and more involved citizen. Most of the truly meaningful work in the world does not come with a paycheck.
As a society we tend to define ourselves by what we do to make ends meet. I think is extremely problematic. If your job is your raison d’être, what happens when you can no longer perform your job, or you get laid off, or you are forced to retire? I always cringe when I hear people say “If I ever quit my job I wouldn’t know what to do with myself”. I guess when some people hear a person say that they admire their work ethic. When I hear someone say that, I am saddened by the obvious lack of breadth and depth in their life.
Well, having to go to work versus not having to go to work, feeling like a slave versus not feeling like one. I think that’s they key there. I don’t want kids, matter of fact, I find them kind of annoying really. So I’m on my happy way to be retired soon, hopefully before my 40s.