After years of early morning commutes and late nights at the office, you might start to wonder, "Can I retire early?" The decision to retire can be complicated, so we've compiled our best tips to assess your situation before you take the plunge. Not only are there major financial components to consider, but emotional factors as well. Read on to see whether early retirement is the right choice for you!
Retirement Budget
Have you calculated a retirement budget yet? This important step can shed light on your financial situation in a new way. We recommend setting up a budget and living off that amount for six whole months. This process will help you determine whether you need a little extra wiggle room or not. Don't forget to factor in inflation!
Children
Are your children financially independent, or do they have a ways to go? If your children are still in school, you may want to double check your savings. It's a good idea to have emergency funds for both you and your kids. If you have any children with other special needs, it's important to factor these considerations into your budget as well.