How to Prepare for Early Retirement
Find out how much money you need to retire., Add up your predicted retirement expenses to come up with an estimated annual budget that will need to be met in order to retire.
Step-by-Step Guide
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Step 1: Find out how much money you need to retire.
Take the following factors into consideration to calculate your retirement expenses.
Inflation rates:
What is the predicted cost of living for the age when you plan to retire? The US Bureau of Labor Statistics and other governmental organizations publicly present annual reports to help you predict this cost.
Location:
Living cost varies greatly due to differing tax rates, housing and daily household purchases depending on where you live after retirement.
Continuing Work:
Do you plan to work after retirement? Having a part-time job after retirement not only helps you manage retirement costs but also gives you a healthy daily routine to fight boredom and lethargy. -
Step 2: Add up your predicted retirement expenses to come up with an estimated annual budget that will need to be met in order to retire.
Detailed Guide
Take the following factors into consideration to calculate your retirement expenses.
Inflation rates:
What is the predicted cost of living for the age when you plan to retire? The US Bureau of Labor Statistics and other governmental organizations publicly present annual reports to help you predict this cost.
Location:
Living cost varies greatly due to differing tax rates, housing and daily household purchases depending on where you live after retirement.
Continuing Work:
Do you plan to work after retirement? Having a part-time job after retirement not only helps you manage retirement costs but also gives you a healthy daily routine to fight boredom and lethargy.
About the Author
Ashley Evans
Creates helpful guides on lifestyle to inspire and educate readers.
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