For a lot of people, the answer to when they would like to retire is “as soon as possible!” For those folks, a lot of resources often need to go toward that goal, because it is challenging! In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden discuss some challenges of early retirement and how to best work toward that goal.

Early Retirement Basics:

What is early?

Social Security Full Retirement Age is now Age 67.

Age 65 is still fairly standard.

Age 60 is early retirement! If you are thinking about retiring even earlier, the challenges compound.

Being prepared to quit work earlier means you will have fewer years to save, fewer years for your money to grow, and more years to support yourself without earned income. This is the challenge!

Every situation is different, but for most people, that means you must save a large percentage of your gross income for retirement.

This reduces the lifestyle you need to maintain in retirement and helps your savings grow faster.

This is a complicated and nuanced topic with lots more to learn! To learn additional early retirement strategies, listen to the full episode. As always, we encourage folks to focus on what they can control – spending, savings, and potentially earnings.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

The Challenges of Early Retirement