How to Plan for Early Retirement

We may earn money or products from the companies mentioned in this post.

The concept of early retirement is gaining traction as more people look to escape the 9-to-5 grind before the traditional retirement age. Inspired by movements like F.I.R.E. (Financial Independence, Retire Early), many individuals aim to achieve financial freedom and retire in their 30s or 40s, often by saving between 50-75% of their income¹. But early retirement requires meticulous financial planning, adapting your current spending and earning habits, and understanding your financial needs for potentially 50-60 years post-retirement.

Planning for early retirement also means being prepared for unexpected events, such as health issues or changes in your career. Flexibility in your financial planning strategy is crucial, along with understanding the nuances of Social Security and pension benefits, especially when retiring before the standard ages². By prioritizing investments in low-turnover mutual funds within brokerage accounts and possibly considering real estate investments, you can pave the way for a financially secure early retirement.

Key Takeaways

• Early retirement planning is on the rise due to the popularity of the FIRE movement.
• Achieving early retirement requires saving between 50-75% of your income¹.
• Comprehensive financial planning is essential to sustain a potentially 50-60 year retirement.
• Flexibility and preparedness for unexpected events are key components of a successful early retirement plan².
• Understanding Social Security and pension benefits is crucial when retiring before standard retirement ages².

Understanding Early Retirement

Early retirement has an undeniable allure, offering the freedom to pursue personal endeavors and a break from the traditional 9-to-5 grind. For those aiming to achieve their early retirement goals, a proactive approach to personal finance is essential. This means embracing strategic savings and investment plans that differ significantly from conventional retirement strategies.

Redefining your perspective on retirement age can be empowering. Instead of adhering to the usual retirement age, focusing on financial independence allows you to choose your level of workforce engagement. The FIRE movement, for example, encourages saving and investing between 50-75% of your income to retire in your 30s or 40s¹. Using a high savings rate, like Schwab’s complimentary financial plan, can help you reach your retirement goals³.

Savvy planning also includes understanding the trade-offs involved. Taking Social Security payments early, starting at age 62, results in smaller monthly benefits for life³. Therefore, part of your early retirement goals should involve meticulously planning around such reductions. Furthermore, the “rule of 55” allows withdrawals from qualified plans without the 10% penalty if you leave your job at 55 or older³, which can be a game-changer for your personal finance strategy.

Ultimately, managing early retirement isn’t just about boosting your savings. Reevaluating spending habits and potentially downsizing your home can reduce expenses, freeing up more equity for additional income³. These calculated moves can ease the financial strain and make the transition to early retirement smoother. Ensure you have a backup plan to avoid any bumps on your journey to financial freedom.

The FIRE Movement: Financial Independence, Retire Early

In a world obsessed with financial independence and the desire to retire early, the FIRE movement is gaining momentum. But what exactly is the FIRE movement, and what does it entail?

What is the FIRE Movement?

The FIRE movement champions a high savings rate and strategic investment to achieve early retirement, with some individuals documenting their success stories of retiring in their 30s and 40s. Participants typically aim to save and invest 50% to 75% of their income to reach financial independence⁴. Advocates of the movement emphasize adopting a lifestyle less focused on material possessions and more on freedom, thus relying on smart financial management over high incomes.

Benefits of FIRE

The allure of the FIRE movement lies in the newfound freedom to pursue one’s passions and enjoy more time for travel and personal projects without being tied down by the 9-to-5 grind. With a typical draw of 3% to 4% annually from savings to cover living expenses, FIRE followers can ensure a sustainable lifestyle long into their retirement⁵. Additionally, saving up to 70% of their annual income allows them to expedite their journey towards financial independence⁵.

Challenges and Misconceptions

Achieving financial independence and the ability to retire early comes with its challenges. One major hurdle is ensuring that your savings will last, especially in the face of lower Social Security benefits due to early withdrawal. The life expectancy in the U.S. in 2021 was 76 years, necessitating different retirement strategies for those hoping to retire in their late 30s or early 40s⁴. Managing unforeseen health issues and the corresponding expenses can further strain your retirement funds, so a robust plan is essential. It’s a reality that only 31% of non-retired individuals feel their retirement savings plans are on track⁵.

The FIRE movement isn’t a one-size-fits-all approach. Variations like Lean FIRE, Barista FIRE, and Fat FIRE accommodate different lifestyles, from minimalists living on $25,000 or less per year⁵ to those aiming for a more lavish retirement yet saving more aggressively⁵. Understanding these nuances can help determine the best path to financial independence that suits your individual goals.

Setting a High Savings Rate

One of the key pillars to achieving early retirement is setting a high savings rate. The FIRE movement enthusiasts suggest aiming to save between 50-70% of your income, which dwarfs the average American savings rate. By adopting such a high savings rate, you significantly boost your financial security, ensuring that you amass sufficient wealth to sustain you throughout the years of your retirement. This approach isn’t just about numbers; it’s about developing a disciplined, frugal mindset that focuses on wealth accumulation and minimalistic living.

By age 35, it is recommended that individuals should aim to save one to one-and-a-half times their current salary for retirement. This target is considered attainable for someone who starts saving at age 25 and maintains a 15% savings rate of their income, including any employer contributions⁶. A higher savings rate contributes to solid financial security, enabling you to handle unforeseen expenses without jeopardizing your retirement funds.

Further milestones emphasize the importance of rigorous saving strategies to achieve financial security. By age 50, aiming for three-and-a-half to six times one’s salary as retirement savings is a prudent goal⁶. This ensures sufficient funds for decades of potential post-retirement life. Similarly, having six to 11 times one’s salary saved by age 60 provides a stronger financial cushion, reflecting thoughtful wealth accumulation⁶.

Financial experts recommend an annual retirement savings goal of 10% to 15% of pre-tax income⁷. However, aiming for the upper end or even exceeding this range can accelerate your journey to financial independence. The 80% rule further suggests that individuals should plan to replace 80% of their preretirement income in retirement, reinforcing the necessity of a high savings rate⁷.

It’s vital to revisit retirement calculations regularly, recognizing that personal and economic circumstances can change. Moreover, a report indicated that 68% of workers feel confident they will have enough money to live comfortably in retirement, up from 64% the previous year⁷. This confidence is often rooted in meticulous savings strategies and a commitment to strict financial planning.

Ultimately, maintaining a high savings rate is about prioritizing your future financial security and embracing a lifestyle geared towards sustainable wealth accumulation. By setting aggressive savings goals and adhering to them, you pave the way towards a financially secure and enjoyable early retirement.

Maximizing Your Income

Enhancing your income is fundamental to early retirement planning, providing numerous pathways to achieve financial security.

Increasing Your Earnings

Securing promotions, working additional hours, or switching to higher-paying jobs can significantly boost your earnings. Contributing to a workplace plan, especially when the employer matches contributions, not only enhances income but also builds retirement savings more efficiently⁸. For 2024, employees can contribute up to $23,000 to their 401(k) plans, with those aged 50 or older contributing an additional $7,500, making a total of $30,500⁹.

Starting a Side Hustle

Launching a side hustle or exploring freelancing opportunities can supplement your primary income source. This approach has increasingly become popular for those seeking to enhance income and fast-track their early retirement plans. The appeal of side hustles lies in their flexibility and the potential for high returns with relatively low initial investment¹⁰. Whether it’s tutoring, digital marketing, or selling handmade crafts, the possibilities are endless.

Investing in Passive Income Streams

Another effective strategy for increasing your income is investing in passive income streams. Diversifying your assets among different types of investments, such as rental properties, dividend-paying stocks, or peer-to-peer lending, helps reduce market risk exposure and creates recurring income⁸. Health Savings Accounts (HSAs) are one excellent option that offers a triple tax benefit, including tax-deductible contributions, tax-free withdrawals for medical expenses, and tax-deferred growth on investments⁹.

Below is an illustrative comparison to emphasize the advantages of various income-enhancing strategies:

Controlling Your Spending

Effective spending control is pivotal in achieving your early retirement goals. By managing costs meticulously, you can significantly boost your savings and expedite your journey towards financial freedom. Here’s how to optimize your spending habits:

Minimizing Discretionary Expenses

One of the first steps in spending control is to reduce expenses by cutting out discretionary spending. This means limiting activities like dining out, shopping for non-essential items, and canceling unused subscriptions. By focusing on essentials and avoiding impulsive purchases, you’ll notice a significant boost in your savings rates¹¹. Consistency in applying these practices is key to maintaining financial discipline¹².

Adopting a Minimalist Lifestyle

Embracing minimalist living offers a dual benefit: it helps in reducing clutter and encourages financial freedom. Influencers like Joshua Fields Millburn advocate for a minimalist lifestyle that emphasizes living with less to achieve more. By aligning your lifestyle with minimalist principles, you can focus on truly essential items and reduce expenses, fostering a sense of peace and financial stability¹². Minimalism can significantly simplify your life, further aiding in spending control.

Managing Major Costs

Housing expenses often constitute a major portion of the household budget. Considering options like downsizing or relocating to more affordable areas can help in substantial financial relief¹³. It’s also important to keep an eye on inflation and healthcare costs that might impact your living expenses¹³. Regularly reviewing and adjusting your major expenditures ensures you stay on track with your financial goals¹¹.

Let’s visualize the impact of controlling your spending through a simple yet effective comparison:

Investing Wisely to Build Wealth

When it comes to building wealth and planning for early retirement, wise investments in stocks, bonds, and mutual funds are essential. Strategic investing involves diversifying your investment portfolio to mitigate risks and maximize returns. Financial planners often suggest contributing at least enough to get your employer’s full matching contribution in a 401(k) plan, which can significantly increase your retirement funds¹⁴. Additionally, owning high-yield savings accounts such as CDs, stocks, mutual funds, and individual development accounts contributes to wealth building¹⁵. It’s crucial to conduct thorough research and seek advice from financial professionals like Certified Financial Planners (CFP) and Chartered Financial Assistants (CFA) to ensure your investment decisions align with your retirement goals¹⁵

Building an emergency fund of at least three to six months of living expenses is recommended before investing¹⁵. This fund serves as a financial cushion against unexpected expenses, allowing you to focus on growing your investments without the fear of dipping into them in an emergency. There is also the importance of starting to invest early, leveraging the power of compound interest to significantly increase your savings over time¹⁵. This approach is particularly beneficial in retirement accounts such as IRAs and HSAs, which provide tax advantages that spur growth¹⁵.

Considering the Rule of 72 can help estimate how many years it will take to double your investments based on the interest rate, providing a clear financial roadmap¹⁵. High-yield savings accounts, offering 10 to 12 times the interest rate of standard savings accounts, are also a smart move for strategic investing¹⁴. Regularly reviewing your financial progress and adjusting your financial plan as needed is paramount to staying on track with your wealth-building objectives¹⁴.

Creating a Retirement Budget

Retirement budgeting is a crucial step, especially if you’re planning to step away from the workforce earlier than traditional retirement age. By thoroughly analyzing your current monthly spending, you can accurately forecast and budget for various expenses post-retirement¹⁶¹⁷. Many people realize only after retirement how essential it is to comprehend their spending habits. One effective strategy is to categorize your expenses as essential and nonessential, helping you allocate your retirement income more efficiently¹⁶¹⁷.

Moreover, it is crucial to remember that healthcare costs generally increase with age, potentially creating substantial gaps before Medicare kicks in¹⁶¹⁸. Setting up a sinking fund for health expenses or other large one-time purchases like a new car or home repairs can further ease the financial burden¹⁷¹⁸.

Planning for fun expenses is equally important in retirement budgeting. After all, who says you can’t enjoy visiting your grandchildren or indulging in hobbies? These activities often lead to more spending due to the increased free time and activities¹⁷. However, ensuring that these expenses are planned and forecasted can lead to better financial forecasting and peace of mind.

Utilizing a zero-based budgeting method can also be advantageous. By assigning every dollar a job, you ensure purposeful allocation of your income towards necessary expenses, savings, and even charitable giving¹⁸. An emergency fund covering three to six months of living expenses is highly recommended, helping you stay prepared for unexpected events¹⁸.

Additionally, leveraging retirement-specific advice from financial advisors can guide you through the maze of early retiree financial needs¹⁶. Having enough cash on hand to cover at least a year’s worth of retirement expenses, along with short-term investments, provides a buffer against uncertainties¹⁷.

To sum up, effective expense planning and thorough financial forecasting are pivotal for navigating the financial landscape of retirement. From analyzing current spending to forecasting healthcare and fun expenses, creating a robust retirement budget ensures a more secure and enjoyable retirement journey.

How Much Money Do You Need to Retire Early?

Determining your retirement savings goal for early retirement involves careful financial planning and a robust investment strategy. One popular method is the Rule of 25, which suggests multiplying your annual retirement expenses by 25 to estimate the total savings required. This calculation takes into account your individual needs and lifestyle choices, helping you gauge your savings target effectively.

Financial planners often recommend replacing about 80% of your pre-retirement income to sustain your lifestyle after retiring¹⁹. For early retirees, this figure can serve as a critical benchmark. For instance, if your annual expenses are $60,000, you would need around $1.5 million in savings to retire comfortably using the Rule of 25 framework. This estimation ensures you can sustain your lifestyle for 30 years or more, accounting for inflation and other risks²⁰¹⁹.

Let’s delve into some crucial statistical data to better understand the financial landscape of early retirement:

The table above illustrates how different investment strategies can impact your overall returns, influencing your investment strategy for early retirement²⁰. For example, a mix of 60% stocks and 40% bonds has historically yielded an average return of 8.8% per year since 1926, making it a sturdy choice for a balanced portfolio²⁰.

Moreover, adhering to the 4% rule—a conservative strategy that suggests withdrawing 4% of your retirement savings in the first year of retirement—can help ensure your savings last for at least 30 years without running out²⁰¹⁹. This rule, adjusted for inflation annually, is particularly beneficial for those planning early retirement as it provides a structured approach to withdrawals, mitigating the risk of depleting your funds prematurely.

Analyzing these financial principles and integrating them into your financial planning can significantly boost your chances of achieving your retirement savings goal. By following a well-thought-out investment strategy, you can confidently transition into early retirement and enjoy the financial freedom you’ve worked so hard to attain.

Early Retirement Withdrawal Strategies

Planning your early retirement demands smart withdrawal strategies to ensure a sustainable savings pool and steady retirement income. Here’s a closer look at key methods to consider.

The Rule of 25

The Rule of 25 is a straightforward formula used to determine how much you need to save for retirement. By multiplying your anticipated annual retirement expenses by 25, you can estimate a sustainable savings goal. This approach allows you to gauge how much you should set aside to support your desired lifestyle, giving you a clear financial objective.

The 4% Rule

The 4% Rule is another widely-accepted method guiding early retirees on withdrawal strategies. Initially coined by financial advisor William Bengen, this rule suggests you can withdraw 4% of your portfolio in the first year of retirement, with annual inflation adjustments thereafter. This plan assumes a well-diversified, moderate-risk portfolio earning around 4% annually²¹²². Implementing this rule can help retirees manage their funds judiciously, ensuring a consistent income stream throughout retirement.

Dynamic Spending Withdrawal Strategy

The dynamic spending withdrawal strategy offers flexibility by allowing you to adjust your spending based on portfolio performance. This hybrid strategy merges elements of the dollar-plus-inflation and percentage-of-portfolio methods. Unlike the fixed 4% rule, dynamic spending adapts to market conditions, enabling you to either increase or reduce withdrawals to fit your financial situation. Research indicates that retirees using a dynamic spending approach could potentially withdraw up to 5% annually with confidence levels similar to those adhering to the 4% rule²²²³. Such a flexible approach can help preserve your portfolio’s longevity, providing a more resilient plan for your long-term retirement income needs.

Healthcare Considerations Before Medicare

Planning for healthcare costs before reaching Medicare eligibility is crucial in your health insurance planning for early retirement. A significant number, approximately 70%, of Americans retire before they become eligible for Medicare, necessitating alternative health insurance solutions²⁴. Healthcare.gov offers various state-regulated insurance plans with diverse coverages and costs, making it a viable option for early retirees²⁵. It’s noteworthy that people between the ages of 55 and 64 represent 26.9% of plans purchased on the government exchange²⁴. Additionally, COBRA can extend your health coverage for up to 18 months post-retirement, but it is often perceived as an expensive option²⁵²⁶.

Exploring private insurance or joining a spouse’s employer-sponsored plan are practical strategies for managing healthcare costs during early retirement²⁶. The average premium for one person under an ACA plan ranged between $342 to $472 per month in 2023, which is crucial for your financial planning²⁴. For a more cost-effective alternative, short-term health insurance, lasting from one to 36 months, can bridge the gap until you qualify for Medicare²⁵²⁶. Furthermore, consider medical cost-sharing plans available through churches and faith communities, where members pool funds to cover medical expenses up to a certain amount²⁵.

Securing healthcare coverage before enrolling in Medicare is essential to prevent the depletion of your retirement savings due to unexpected medical bills. Certain employer and union-based retiree coverages are available for health care post-retirement, providing another layer of financial security²⁵. Also, you can purchase individual and family health insurance through the health insurance marketplace during the annual open enrollment period, typically from November 15th to December 15th²⁶. With approximately 11% of adults aged 50-64 delaying retirement to maintain employer-provided health insurance²⁵, it’s clear that early retirees must consider all available options to manage healthcare costs effectively.

Managing Longevity Risk

Proper longevity risk management is crucial for ensuring financial endurance throughout your retirement duration. This means having a strategy that prepares you for a potentially extended retirement, especially as the Social Security Administration estimates that men who reach age 65 will live until 82 and women until 85, resulting in an average additional life expectancy of 17-20 years for a 65-year-old retiree²⁷.

Planning for a Longer Retirement

Planning for a longer retirement involves anticipating and preparing for expenses that could span decades. To ensure your retirement duration is financially secure, strategies like the 4% rule can guide you on sustainable withdrawal rates²⁷. Additionally, incorporating a well-balanced mix of equity investments can help achieve long-term growth and protect against inflation²⁷, fostering financial endurance.

Ensuring Sustainable Withdrawals

To sustain withdrawals over an extended retirement, utilizing products like deferred income annuities or single premium immediate annuities (SPIAs) is beneficial. These financial tools are designed to provide guaranteed income for life or a specified period, thus ensuring a steady income stream²⁷. Managing inflation is another critical element, as it helps prepare for increasing costs in the future²⁷.

An effective longevity risk management plan also necessitates regular monitoring and adjusting of retirement plans. This process allows you to make necessary modifications based on evolving circumstances, such as reducing expenses or adjusting investments²⁷. By keeping a vigilant eye on your financial endurance, you can better navigate the complexities of an extended retirement duration.

Tax Implications of Early Retirement

When diving into early retirement, savvy tax planning is crucial to ensure you maximize your retirement income taxes and optimize your tax-advantaged accounts. Understanding tax laws, such as the “rule of 55” for 401(k) plans, helps avoid penalties and safeguard your nest egg. If you withdraw from a 401(k) before age 59 ½, a 10% penalty, in addition to regular income tax, typically applies unless you’re over 55 and have left your job²⁸²⁹.

Rollovers and substantially equal periodic distributions (SEPP) are savvy methods to navigate early withdrawals without incurring heavy penalties. The IRS offers three methods for calculating SEPP: life expectancy, annuitization, and amortization, helping you methodically access your funds²⁹. Furthermore, knowing that most retirement plan distributions are subject to income tax, it’s essential to strategize on when and how to make withdrawals to minimize tax hits²⁸.

Roth IRAs provide significant benefits with tax-free withdrawals after age 59 ½, assuming you meet certain requirements. Understanding the fine print of Roth IRA penalties for early non-qualified withdrawals can save you a lot of grief and money and make your tax-advantaged accounts work for you²⁹. Social Security benefits may also be taxed post-retirement, depending on your total income and marital status. This makes it pertinent to have a clear strategy to mitigate potential tax burdens³⁰.

In planning for early retirement, minimizing taxes through proper account withdrawal strategies is essential. For example, distributions for education expenses, certain military reservists called to active duty, and terminally ill employees are exempt from the additional 10% early distribution tax, offering some relief and flexibility²⁸. Beyond that, capital gains tax brackets are also relevant when dealing with investments that fuel your early retirement, with thresholds set to increase in 2023²⁹

Retirement Planning: Custom Financial Plans

Your journey to a comfortable retirement starts with personalized financial advice. Leveraging a custom financial plan can make a significant difference in achieving your retirement goals. The process begins with understanding your current financial state and future aspirations, ensuring that each step taken aligns with your personal goals and timelines.

Custom financial plans incorporate retirement strategies that are specifically tailored to your needs. For instance, maximizing your contributions to retirement accounts is a crucial strategy. In 2024, participants can contribute up to $23,000 to a 401(k) or 403(b) plans, with an additional $7,500 allowed for those over 50 as a catch-up contribution³¹. Similarly, the contribution limits for traditional and Roth IRAs stand at $7,000, with an extra $1,000 for those over 50³¹.

One compelling way to navigate retirement planning is by consulting with a financial advisor. A Certified Financial Planner™ can provide insights and strategies essential to your specific financial situation. They can assist you in setting realistic benchmarks, such as the 80% rule, which suggests that you need 80% of your current income to live comfortably after retiring³¹.

Given the complexities of retirement planning, it’s clear why many professionals stress the importance of adjusting current lifestyles to meet retirement benchmarks. Many individuals currently fall short in saving enough for retirement and should consider lifestyle modifications³¹. Employing personalized advice ensures your retirement strategies are as unique as your financial journey.

Is Early Retirement Right for You?

Evaluating your readiness for early retirement involves a deeper look into your lifestyle choices and personal fulfillment. Crucially, you must analyze if the sacrifices and changes in lifestyle align with what provides you personal fulfillment. Engaging in a candid discussion with your partner is equally important to ensure the alignment of your retirement aspirations with theirs, fostering mutual support and understanding as you transition into this new chapter³.

Notably, one should consider continuing part-time work or consulting. This not only supplements the retirement income but also maintains social engagement and continued mental challenges, which are key indicators of personal fulfillment and mental health. While delving into early retirement, take a moment to weigh the factors contributing to your retirement readiness, like evaluating if you’re prepared for potential healthcare costs before Medicare kicks in at age 65³.

Exploring ways to save more or reduce expenses plays a pivotal role in achieving financial stability. By re-evaluating spending habits and considering downsizing, such as moving to a smaller home, you can free up equity and reduce monthly outflows. This strategy supports your retirement readiness by creating a more sustainable financial cushion³. Moreover, having personalized spending rates, tailored to your specific circumstances, ensures that your funds last longer while maintaining a comfortable lifestyle

Working on leading a healthy lifestyle not only enhances your quality of life but can lead to lowered medical expenses post-retirement planning³². With these considerations in mind, deciding whether early retirement fits into your overall vision for personal fulfillment and future lifestyle becomes a clearer, more structured decision.

Conclusion

Embarking on the journey of early retirement planning is undoubtedly a personal and complex decision. It calls for striking a delicate balance between the desire for financial independence and the realities of a potentially prolonged retirement period, filled with numerous financial necessities. The pursuit of early retirement requires meticulous reflection on your retirement decision-making, taking into account the robust savings and investments you’ll need to sustain a quality lifestyle down the road.

As you navigate this significant life planning stage, it’s crucial to adopt a proactive and well-informed approach. This includes having a contingency plan for unforeseen circumstances like health issues or unexpected life changes, as these can significantly impact your retirement decision-making. According to data, a 65-year-old married woman today has a 50% chance of living to age 90, underscoring the need for long-term financial security³³. With the possibility that nearly half of all current retirees were not retired by choice due to layoffs or other factors, it’s clear that flexible financial planning is essential³³.

Ensuring thorough preparation involves making the most of your investment accounts. For instance, in 2024, you can contribute up to $23,000 to a 401(k) or 403(b) account and an additional $7,500 if you’re over the age of 50³¹. Similarly, the annual contribution for a traditional IRA is set at $7,000, with a $1,000 catch-up contribution for those over 50³¹. Recognizing these opportunities will bolster your retirement savings, aiding you in achieving financial independence.

In conclusion, securing an early and fulfilling retirement is within your grasp if you take a strategic and anticipatory approach to life planning. By combining solid savings habits with a keen awareness of potential risks and an agile financial plan, you can confidently stride towards a future of true financial freedom, knowing you’re well-prepared for the years ahead.

Source Links

1. https://www.ramseysolutions.com/retirement/how-to-retire-early
2. https://www.investopedia.com/articles/retirement/08/retiring-early-retirement.asp
3. https://www.schwab.com/learn/story/can-you-afford-to-retire-early
4. https://time.com/personal-finance/article/what-is-fire/
5. https://www.investopedia.com/terms/f/financial-independence-retire-early-fire.asp
6. https://www.troweprice.com/personal-investing/resources/insights/youre-age-35-50-or-60-how-much-should-you-have-by-now.html
7. https://www.nerdwallet.com/article/investing/how-much-to-save-for-retirement
8. https://www.tiaa.org/public/learn/retirement-planning-and-beyond/ways-to-maximize-your-retirement-income
9. https://www.bankrate.com/retirement/how-to-maximize-retirement-savings/
10. https://www.empower.com/the-currency/life/retirement-income-planning-strategies
11. https://www.investopedia.com/articles/retirement/11/5-steps-to-retirement-plan.asp
12. https://www.kiplinger.com/kiplinger-advisor-collective/controlling-living-expenses-can-lead-to-financial-freedom
13. https://www.merrilledge.com/guidance/retired
14. https://www.investopedia.com/managing-wealth/simple-steps-building-wealth/
15. https://myhome.freddiemac.com/blog/financial-education/how-build-wealth-investing-your-money
16. https://smartasset.com/retirement/how-to-make-a-retirement-budget
17. https://www.schwab.com/learn/story/retirement-budget-planning-9-steps-to-consider
18. https://www.ramseysolutions.com/retirement/how-much-money-will-you-need-in-retirement
19. https://www.fool.com/retirement/how-much-do-i-need/
20. https://www.aarp.org/retirement/planning-for-retirement/info-2020/how-much-money-do-you-need-to-retire.html
21. https://allworthfinancial.com/articles/retiring-early-4-withdrawal-strategies-to-consider
22. https://investor.vanguard.com/investor-resources-education/article/retirement-withdrawal-strategies
23. https://www.blackrock.com/us/individual/education/retirement/withdrawal-rules-and-strategies
24. https://www.ml.com/articles/staying-covered-until-medicare-kicks-in.html
25. https://www.journalofaccountancy.com/issues/2023/apr/funding-health-care-when-retiring-before-medicare.html
26. https://www.ehealthinsurance.com/resources/individual-and-family/guide-to-health-insurance-before-medicare
27. https://www.thrivent.com/insights/retirement-planning/longevity-risk-what-it-is-how-to-prepare-for-it-in-retirement
28. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions
29. https://blog.massmutual.com/retiring-investing/retire-early-avoid-penalties
30. https://www.debt.org/retirement/tax-implications-of-plans/
31. https://www.investopedia.com/terms/r/retirement-planning.asp
32. https://www.drs.wa.gov/retire-early-right-for-you-newsfeed/
33. https://www.covenantwealthadvisors.com/post/9-reasons-why-retirement-planning-is-important