6 signs that you are ready to retire early
6 signs that you are ready to retire early
The list:
Comment: My take on the list an my own preparedness
- You are emotionally ready to quit working
- You followed a retirement budget for 6 months
- You have reliable health insurance coverage
- Your children are financially independent
- Your debts are paid off or nearly paid off
- Your portfolio is big enough to withstand losses
- You are emotionally ready to quit working - Answer: Not sure
- You followed a retirement budget for 6 months - Answer: Not specifically but we live significantly below our income level.
- You have reliable health insurance coverage - Answer: If I retired at 64, I would be covered by Kathee's health insurance until I reached 65
- Your children are financially independent - Answer: Yes
- Your debts are paid off or nearly paid off - Answer: Yes
- Your portfolio is big enough to withstand losses - Answer: Probably
Should we every really be able to meet criterion #1? I don't like everything Billy Graham has done, but one thing I like is how he noted that he couldn't think of any of God's servants who had retired.
ReplyDeleteQuit the corporate world, sure, but working?
Now if you change #1 to "ready to quit the corporate world?", I could qualify for #1, #2, and #5--or at least I could have qualified for #5 until I bought the house in Mantorville! :^) #3, #4, and #6....um, not so much.
Saving for early retirement is not for everyone. But by trying to make the right financial decisions, and learning to live well on little money, you may be able to improve the quality of your life and still reduce your household budget enough to save for early retirement.
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