Jun 2, 2022
Is retiring at the age of 55 feasible? Inspired by an article from Yahoo Finance, Troy and Alan discuss what you need to do to make that dream a reality. Not everyone wants to retire this early, but some are dreaming about retiring as soon as today (or even better, yesterday). In order to make it happen, you’ve got to have the right plan in place.
When you retire early, you will face certain challenges you don’t want to overlook. Social Security can’t be withdrawn until 62 years old, so do you have enough money to pull from until then? What can you do with your 401(k) if you retire early without facing penalty?
Do you know how you will pay for health insurance? It’s a big monthly cost and you cannot begin using Medicare until age 65. Without insurance from your workplace, you might reconsider retiring early. For some, doing a part-time job may help offset the added costs of things like insurance but still provide the flexibility you want.
If you have the money, can you retire whenever you want? You don’t have to have the same retirement age or strategy as your parents or your neighbor. Everyone’s situation is different. Make sure that you are talking through the specifics of what your situation is to find out if you are ready to retire.
What we discuss in this episode:
0:53 - Can you really retire at 55?
1:33 - How often do people want to retire at 55?
4:04 - What challenges does an early retiree face?
11:08 - What does it look like to be ready to retire early?
13:28 - Can you just retire whenever you want?
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