Whether it's having time to pursue your passions and talents, volunteer for an important cause, or be with the people you love, many of us dream of an early retirement.
But doing so takes a serious commitment to saving and planning. Are you ready?Typical
Brittani Forbush with Mountain America Credit Union (MACU) joined us with three steps to help you reach your early retirement goals.
- First, you'll want to define what retirement means to you. Typically the full retirement age, to get social security, is between 65 and 67 years old. Retiring early doesn't necessarily mean never working a day in your life again, unless you want to. Many retirees choose to leave their high-stress jobs and long hours to move into a job with more flexibility. Whatever early retirement looks like for you, start by figuring out what you want to do in retirement.
- Next, calculate how much you'll need. Start by calculating what you already have and then calculate how much you'll need for the future. How do you want to spend your time? Do you want to travel the world? Evaluate your housing situation. Will you be downsizing or moving? If you're retiring before Medicare age, how will you pay for health insurance?
- Invest. If you haven't already done so check out what kind of retirement plans your employer offers. It can be challenging to save up enough money for the rest of your life, especially if you plan to retire before you can access your retirement plans without penalty. Meet with a Mountain America Wealth Advisor to discuss the appropriate mixture of low and higher risk investments.
You can schedule a free, no obligation consultation with an experienced member of MACU's wealth management team by going to macu.com/investments.
