Early Retirement

Retirement. The mere mention of the word itself draws forth varied and often intense emotions. It holds a different meaning and vision to all of us. However, one commonality that most of us do share, is that we wish it could happen a lot sooner and with more certainty.

Abraham Lincoln was once quoted as saying “And in the end, it’s not the years in your life that count. It’s the life in your years.” Right now the average life expectancy for the U.S. is 80 years and the average age of retirement is 62. That said, most of us will need a plan to cover this estimated 20 year wage gap. You will need to plan this portion of life with an accuracy that if undercalculated, all sorts of things may ensue. Most experts recommend that you have saved roughly 7 times your annual salary by the age of 55, and 10 times before the full retiring age of 67.

Not only is 62 the average retirement age, it is also the age in which partial Social Security benefits kick in. For most Americans, Social Security alone will not sustain existence. You will only receive roughly 75% of your benefits at this age. In turn, every year after the age of 62 that you wait to collect your benefits, the amount you can receive will increase. You may wait until the full retirement age of 66/67, or even defer until the age of 70 for an additional 8% per year those last four years. Mathematically, for most of us it makes much more sense to defer our Social Security. However, what are you going to do in the GAP years? Work longer or let us create a plan to help you defer your Social Security?

The road to an early and secure retirement is not as impossibly blocked as it may seem. With financial planning assistance from our network of professionals, you will map out a plan that coupled with dedication, will get you on the path to a smooth, hazard-free early retirement.