Maybe your job, even your entire sector, has disappeared in 2020's economic turmoil. Or perhaps you are just reaching a point at which you are ready to take the next step in your life. It's possible you want to leave your corporate job for something more creative where you can make your own hours. Or you'd like to focus only on non-income-producing hobbies. Another option is focusing on working in spurts and traveling in between. If you're thinking that early retirement is something that can happen now — or within a few years but before the "magic" age of 65 — consider your options.
Of course, you need to make sure you're financially ready to retire, no matter what your reason is. Here's a multistep process for making sure you are ready for early retirement.
No matter how foolproof your plan may seem, consider what could go wrong. Run your potential worst-case scenarios to make sure that you have a backup plan. But by maintaining a frugal lifestyle, thoughtfully planning, spending in a disciplined way and persistently investing, you have an excellent chance of achieving an early retirement date. Finally, keep in mind that everyone's retirement plans are different, so consult a financial professional to help you with your situation.
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