Should I Retire Early?
Can I Retire Early?
Will I Ever Retire?
Yikes, these are possible frightening questions for many of us OR an unbelievable chance of a lifetime to take charge now of your life
These are scary questions for most people. More and more folks are looking at a semi-retirement option based on that fact that we might need additional funds and we are just more active than our parents were and many of us don’t see ourselves just sitting around reading a book all day.
Who hasn’t thought about what if or could I retire early and live the lifestyle I worked so damm hard for all those years. Most of us would like to retire early, of course. And up until this past couple of years of economic turbulence, many of us were on track to doing exactly that. But many who were on the fast track to early retirement have now seen their retirement savings depleted and their retirement plans sidetracked. Many wonder if they can retire at all, much less before they’re well past admission age to the old folk’s home.
There are a couple of ways, though; to salvage your early retirement plans. Here are a few:
Planning for Retirement or a working semi-retirment
Funding your retirement: No matter what your age, start your retirement planning now. If you retire early, you probably won’t be eligible yet for any Social Security income. So you’ll need to be sure you have enough money saved, or have other sources of income, to finance your retirement.
In this new age of frugality, there’s never been a better time to stop spending and start saving. Every little bit of money you sock away now can be enjoyed later … especially if you invest it wisely. But that’s a topic for another time. The point is to continue to build your retirement investment nest egg.
(By the way, if you’re interested in earning some additional income after you retire, we know a company with an incredible track record of making solid returns by betting against the flow consistently. You could ask them yourselves if it’s a good fit for you to add to your monthly income or build up your nest egg. Send me an email and I’ll see to it that you’re contacted within 24 hours.
Where to retire: Mexico is nice
One of the key strategies of your retirement planning should be deciding where you would spend your retirement years. There are several resources … like Where to Retire magazine, for example … where you can find information about places with better weather, lower taxes, or lower crime rates than where you may be living now. The problem is that you may not get the entire picture from these resources.
You need to know the best place to retire where you can live very well on your retirement savings, a Social Security income, or even less.
For 30 years, International Living has been reporting on the world’s top retirement destinations. Places where you can live in comfort and security and not have to forego a single necessity, luxury or activity that you so well deserve after a lifetime of working. Mexico has always scored very high with them and several times was # 1 ranking. We feel that it is a solid #1 because of obvious pluses. Here’s a short list;
1. Basically 2 hours by plane to the US
2. Great low cost medical
3. Huge drop in cost of living over the US, 40% or more reduction
4. Near perfect weather, beaches, mountains or in between.
5. Cultural city’s everywhere
5. Big box stores like Costco, Sam’s Club, Wal-Mart, Home Depot, the list goes on and on
6. You’ll live longer with less stress!!!
7. Crime is much lower, believe it it’s true
Bottom of Form
Use any and all of these resources in your research. The point is to be as prepared as possible. This is the rest of your life we’re talking about – and the more information, the better.
I’ll let you in on my own strategy for early retirement: I currently live and work outside the U.S. and plan to continue to do so once I retire. In my adopted country, I qualify for a top-rate but low-cost health insurance policy. (Better than I had at home.) And I couldn’t be happier with the medical treatment I receive here. (Better than I had at home.) My car insurance is lower, too. And my annual property taxes are laughably low…would you believe $130 for a 6,500-sq.-meters of property, 4 lots.
Overall, my cost of living here is well under one-third what it would be if I were still in the States – yet I am just two hours away from home by plane.
Certainly, retiring outside the U.S. isn’t for everyone. So consider this: by spending just part of the year in a lower-cost destination, you may be able to enjoy a far better lifestyle during your retirement years. It’s worth investigating.
So should you retire early? If you can, you should. And if you ‘re prepared, you can.
Or you can move and find your next niche in life and work part time form home or a small business.
The possibilities are endless. What are you waiting for?