Can you retire early?
Have your financial planner assess your financial situation, taking into account your age, your savings, your debt, and your plans for retirement. Consider this a first draft. It is ok to change it as you go. You may make changes anyway as you near retirement. The important thing is to have a plan and to know when it might be feasible to retire.
Let’s assume that you have paid off your home, you have a pension at 55, and you have sufficient savings to live the lifestyle that you want for retirement. You also have your health, and this really represents the ideal situation. If you decide to work longer, you have the confidence of knowing that you have sufficient income when you do decide to retire. If a health issue gets in the way, at least you will be comfortable.
On the other hand, if any of these assumptions are not correct, you may have to work until you are older before you can comfortably retire unless you take some steps to correct whatever the issue may be. Completing the financial plan and asking yourself Can you retire early will put you on the road to ensuring that your retirement is what you had envisaged.
Some people do not want to know the answer to the question, Can you retire early? However, asking and answering the tough questions can always help you plan for the future.
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