3 Important Considerations When Retiring Early

Do you have grand plans for an early retirement?

Walking away from the “9 to 5” is something most people dream of. But before you turn in your resignation, there are 3 important things you must consider…

1) You need to be at least 62 years old before you can qualify for social security. So unless you have a large sum saved up from your 401k, you may need to keep working until at least 62.

2) To get the most from social security, you will need to work to at least age 66. Here is how it breaks down.

Retire at 62 and you will get only 75% of your social security value.

At age 63 you will get about 80%.

At age 64 you get about 87%.

And at age 65 you will get around 93%.

3) Don’t forget about your health care. Remember that Medicare will not kick in for you until you reach age 65. So be sure you have a backup plan, or keep your employer’s coverage until then.

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