How do you know whether you are actually ready to retire early? One strong signal is that you can fund every gap year between leaving work and reaching age 65 using your existing income sources.
Your plan should cover those years without requiring unsustainably large portfolio withdrawals and without forcing you to claim Social Security earlier than planned.
Make Sure the Early Retirement Gap Is Funded
The years before Medicare eligibility and Social Security can create additional pressure on your retirement savings. Your income plan may need to account for living expenses, healthcare costs, taxes, and unexpected spending during this period.
A sustainable early retirement strategy should show where that income will come from and how much your investment portfolio must provide each year.
You May Only Need a Little More Time
Not being ready today does not mean you must abandon your early retirement goal. In many cases, working one or two additional years can significantly improve the plan.
That extra time may allow you to save more, give your investments longer to grow, shorten the period your portfolio must support, and reduce the need to claim Social Security early.
Retire When the Numbers Support the Decision
Early retirement readiness is not determined by age alone. It depends on whether your income sources and savings can reliably support the years ahead without placing too much pressure on your portfolio.
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If this is your first time with me, I’m Elizabeth.
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