Many Americans today are losing confidence in their ability to retire tomorrow. Inflation fears, ongoing pandemic concerns, and market uncertainty are just some of the factors crushing retirement dreams.
Despite those dark clouds, retirement experts say there are things you can do to let you retire confidently, and even before you turn 65. Of course, every situation is different and it's always a good idea to turn to a professional for guidance.
4 Tips to Retiring Early
Yes, it is possible to make your dreams a reality, according to Athene, TheStreet's partner. You can even retire early, just follow these 4 tips.
- Estimate Expenses. This includes housing, taxes, and food, as well as travel, leisure activities, and medical expenses.
- Calculate Income. This includes your pension, Social Security benefits, and personal investments, like your 401(k) and annuities.
- Shift Strategies. Shift your financial planning if your projections come up short.
- Trial Run. Live on your retirement budget for a month or two to help you figure out if that budget is realistic.
TheStreet Recommends: Retirement Is More Than a Solid Financial Plan
One of the most common rules of thumb is to plan to have around 8-10 times your current annual income, or 80% of your annual salary for each year of retirement,