Are you ready for early retirement financial planning, and you can't wait to finally leave your 40+ hour job? Before you can, you need to know that you are really ready. If you retire at 55 (or before full retirement age), you have extra things to think about.
You don't want to be 5 years into retirement and need to go back to work because you forgot something! Check the information on the other pages of this site to make sure you have covered all aspects of life as a retiree.
This page will help you plan early retirement in full detail and look at the risks you should address before you are ready for retiring early.
Consider non-financial plans for retirement in addition to the financially-focused planning.
These other topics can play a role in the financial plan, in some cases drastically increasing the costs of retirement.
Go to this page to walk through detailed steps and in-depth discussion of these topics before you set a retirement date:
The cost of individual health insurance is the biggest obstacle to retiring before age 65. That's the age when Medicare starts and traditional health insurance is no longer needed.
Perhaps you are one of the lucky ones who has worked long enough to qualify for health benefits through a retirement package. Or your spouse qualifies or plans to continue working and will cover you. Great! Go forth and enjoy your freedom!
If that's not you, the first thing you have to do is find out how much your health insurance will cost. And then move on to the next page to explore other retirement considerations.
Before you can decide when to retire, you must figure this one out. Contact your current health insurance provider and ask what your options are. They may be able to point you to other resources.
Read this article to understand Social Security Retirement Age considerations.
Early Retirement Charts:
Withdrawal and Social Security Benefit Ages