Don’t Retire Early

Shift gears instead. Many people who long for an early retirement are really just tired of their jobs. Rather than choosing a life of leisure (which can get boring), you may want to start a new career.

Besides, early retirement is a tough act to pull off financially. If you retire at age 55 and are lucky enough to live to age 95, that’s 40 years of living off your savings — more years than you spent working! Social Security and Medicare don’t kick in until age 65; or 62 at the earliest. How much do you think your grocery bill will be after 40 years of inflation?

So instead of dreaming about palm trees and golf carts, consider ways you can combine work and play — by starting your own business or working with children, books, music, food or something else you enjoy. Instead of retiring, see how you can make money and have fun.