However, leaving the corporate rat race while youre still young isnt all rainbows and butterflies.
Consider these cons of early retirement before taking the plunge into a new chapter of life.
And if youre retiring early, you may need more than that amount to cover unexpected medical expenses.
They can help you figure out yourhealth insurance coverage needs.
Without adequate healthcare coverage, unexpected medical expenses can eat into your savings and derail your retirement plans.
The workplace can provide social interaction and a sense of belonging, Carey said.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
So, before heading into retirement, ensure you identify some hobbies and ways to stay connected with others.
For example, you could join social clubs and community organizations.
You also could volunteer for causes you support or workout with a buddy to stay active and social.
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But heres the catch: this rule usually assumes your retirement years only last about 30 years.
Thats a lot of untapped potential, he added.
The gap in your employment history could make employers have second guesses.
Its also worth noting that Social Security benefits are typically calculated usingAverage Indexed Monthly Earnings(AIME).
This average is based on your highest 35 years of earnings.
Note that this penalty is in addition to any income tax owed on the withdrawn amount.
Lets say you retire at 45 and decide to withdraw $20,000 from your traditional IRA.
Youll also owe income tax on the $20,000.
They can help youmap out your financesto ensure youre making a well-informed decision.
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