Retiring early can be extremely challenging, but not impossible. You may be able to achieve your goal of early retirement if you follow certain steps to help get you on the right path. However, it will require you to cut down on your expenses, increase your retirement savings, or a combination of the two.
First, try taking a step back and look over your current lifestyle. Once you review everything you spend, you can then try making a cost-benefit analysis to determine if the amount of money you are spending on something is justified by what you get out of it.
Next, it is important that you have a clear understanding of your needs, and how much money you will need in retirement. Make certain that you consider all expenses you currently have, as well as ones you will potentially incur in the future. As you age, healthcare-related costs tend to increase, so make sure you have enough saved to cover out-of-pocket expenses.
Then you will want to consider all potential sources of income and compare what you will need against your retirement income sources to determine any potential shortfalls you may have. If an employer pension, personal savings, and Social Security payments are not enough, you may decide to work part-time in retirement to cover additional expenses and to generate additional income.
Finally, if you work with a trusted financial professional to create a plan, then stick to it. Inflation will rise as will the cost of living, so make sure you have prepared accordingly. Request a complimentary financial review where we’ll sit down, go over your personal goals for retirement, and help create a strategy to achieve and live out the retirement life you desire.
**INFORMATION PROVIDED IS FROM SOURCES BELIEVED TO BE RELIABLE HOWEVER, WE CANNOT GUARANTEE OR REPRESENT THAT IT IS ACCURATE OR COMPLETE. NO STATEMENTS MADE SHALL CONSTITUTE ANY FINANCIAL, TAX, LEGAL, OR ACCOUNTING ADVICE. ANY HYPERLINKS PROVIDED ARE AS A COURTESY AND SHOULD NOT BE DEEMED AN ENDORSEMENT**
Securities and advisory services offered through Royal Alliance Associates, Inc. (RAA), member FINRA/ SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA is not affiliated with Lone Beacon
Neither the named representative nor the named Broker/Dealer or Investment Advisor gives tax or legal advice.
Fixed index annuities are designed to meet long-term needs for retirement income. Early withdrawals may result in loss of principal and credited interest due to surrender charges. Distributions may be subject to ordinary income tax and, if taken prior to age 59 ½, an additional 10% federal tax. An income rider or benefit (sometimes called Guaranteed Lifetime Withdrawal Benefits, or GLWB) is an additional feature available with some annuities and generally optional and come with additional cost. Income benefits are designed to provide income options above and beyond the standard annuitization or free withdrawal features in annuities. All contract gains beyond the CAP rate are surrendered to the insurance company to pay for the expense of the product.
The views expressed are not necessarily the opinion of Royal Alliance Associates Inc, and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Individual circumstances vary. Investing is subject to risks including loss of principal invested. No strategy can assure a profit against loss.
