Be Wealthy & Smart 154: Early Retirement, Part 1
Jul 13, 2016
Explore why many Americans retire earlier than planned, with 60% citing hardship as a key reason. Discover the surprising statistic that 45% retire when expected, while the same percentage retire sooner. Motivations vary: from financial readiness to pursuing new passions or coping with workplace changes. Key challenges also emerge, revealing the financial confidence gap and the impacts of unexpected life events on retirement readiness.
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Retirement Timing Is Often Unplanned
- Most Americans do not retire at the age they want; over half retire earlier or later than planned.
- Losing control over retirement timing increases stress and financial challenges.
Retirement Trends and Baby Boomers
- About 45% of Americans retire earlier than expected, while 45% retire as planned and 5% retire later.
- Many baby boomers plan to never retire, especially entrepreneurs and those who love their work.
Reasons for Early Retirement
- The main reasons for early retirement include hardship (60%), affordability (35%), and desire to do something else (25%).
- Other factors are company changes, caring for family, and required skills changes.