Retiring at 55: How a CFP® Is Actually Investing for It
If early retirement is a goal for you, here’s how a Certified Financial Planner® is preparing for it.
Overview
Retiring at age 55 presents several challenges that don't apply if you work until a traditional retirement age of 65 or later. For example, you have to figure out how to fund your healthcare needs for a 10-year gap before Medicare eligibility. And not only does your money need to last 10 years longer in retirement, but you'll have to rely exclusively on your savings in the years before you claim Social Security, and you may not even be able to access certain retirement accounts.
Let me be perfectly clear. I don't necessarily want to retire at 55. I want to be able to retire at 55. That's a difference. I'm one of the lucky people who truly enjoy what they do, and I hope to be doing this for many years to come. But I'm a Certified Financial Planner® and would love to be in a position to have true financial freedom by the time I reach 55.
Details
With that in mind, here's how I'm planning my accounts, asset allocation, and more to hopefully reach that point a decade before the typical retirement age.
Source
Originally published at www.fool.com.