So, you want to retire early?
If you're one of the many people who dreams of peacing out from work before the age of 65, good on you!
Make sure you've got your bases covered before you call it quits. The last thing you want is an unexpected major expense to pop up that you didn't plan for. Here are some things from a USA Today article to consider before retiring early...
- You won't have access to your Social Security benefits. The earliest you can start withdrawing is 62.
- You may not have access to your retirement savings. When it comes to your 401K or Roth IRA, you can't withdraw, penalty free, until 59 1/2.
- You'll have to wait to sign up for Medicare. It doesn't kick in until 65! That means you'll have to pay for your policy out of pocket for a while, which can be extremely pricey.
- You may end up with a longer retirement than expected. This one's pretty self explanatory. We're living longer so you may need your money to go farther.
Click here to read the full article.