Retiring early: it's the new American dream, but whether it means traveling abroad, spending more time with family, pursuing a favorite hobby, or doing volunteer work, one thing is for certain-getting there won't be easy. With the average life expectancy increasing year after year, calling it quits early could mean living 30 years or more without a work-related income. Furthermore, with Social Security and traditional pension plans contributing less to our retirement savings, building a next egg that is large enough to cover this ever-increasing income gap will take a great deal of planning.
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Dee Lee is a Certified Financial Planner, Registered Investment Advisor, and author of several financial books, including The Complete Idiot's Guide® to 401(k) Plans. Her weekly newspaper columns appear in the Boston Herald business section every Sunday under the titles "$$ Talks" and "The Money Manager," and she is a regular contributor to CNBC's "Power Lunch." Jim Flewelling retired in 1995, at the age of 45. Today, he enjoys an active life of leisure and manages an investment portfolio for himself and his wife.
The Complete Idiot's Guide(r) to Retiring Early eases the pain of this seemingly complicated subject by walking readers through each step of determining how much they will need to retire early, including-- defining lifestyle expectations, estimating the retirement window, identifying retirement expenses, calculating net worth, determining how much more is needed, and adjusting for taxes and inflation.
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