Pondering if you can retire early? Here's a reality check
If you're in your late 40s or 50s, you may be wondering if there is a way to retire early.
Nearly three out of 10 workers expect to retire before they're 65, according the Employee Benefit Research Institute. Unfortunately, many Americans are financially unprepared to retire at all.
A new survey finds 40 percent of baby boomers have nothing saved for retirement and 21 percent have less than $100,000 saved.
You don't want to just leave your retirement date to chance. Want to retire before your late 60s? Ramping up your savings is the first critical step. Then consider these three variables that could also impact when you'll be able to retire.
Your life expectancy
One of the biggest risks to retirement is outliving your money.
Even if you may think you want to retire early, if you expect to live longer and you're healthy, research shows you're likely to work longer. The later you retire, the less money you will need in your nest egg.
You can use Living to 100's Life Expectancy Calculator, which incorporates findings from the New England Centenarian Study of centenarians and their families around world, to do your own projections.
If you're in your late 40s or 50s, you may be wondering if there is a way to retire early.
Nearly three out of 10 workers expect to retire before they're 65, according the Employee Benefit Research Institute. Unfortunately, many Americans are financially unprepared to retire at all.
A new survey finds 40 percent of baby boomers have nothing saved for retirement and 21 percent have less than $100,000 saved.
You don't want to just leave your retirement date to chance. Want to retire before your late 60s? Ramping up your savings is the first critical step. Then consider these three variables that could also impact when you'll be able to retire.
Your life expectancy
One of the biggest risks to retirement is outliving your money.
Even if you may think you want to retire early, if you expect to live longer and you're healthy, research shows you're likely to work longer. The later you retire, the less money you will need in your nest egg.
You can use Living to 100's Life Expectancy Calculator, which incorporates findings from the New England Centenarian Study of centenarians and their families around world, to do your own projections.
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