Finally, it’s worth noting that with retirement comes extra time, and how you use that time could make a difference in your financial situation. Maybe you could take on a part-time job to pull in extra cash. Perhaps a favorite hobby could turn into a money-making venture.
Or possibly you just need to be cautious about becoming bored and filling that extra time with too many vacation trips or shopping sprees, spending money you really can’t afford to spend.
Even with careful planning, early retirement can still be difficult for some people. If that’s the case with you, you may need to adjust your lifestyle accordingly.
Regardless, though, it’s important in retirement – early or otherwise – to have an assortment of income sources. Many times the best retirement plans combine three of the aforementioned strategies if not all four. With the right amount of diversity in your portfolio, you may be able to live well in early retirement now, while still growing a nest egg that will see you through your later years.
About Alan Becker
Alan Becker is president and CEO of Retirement Solutions Group (www.rsgusa.net) and author of Return on Investment or Reliability of Income? The True Meaning of ROI in Retirement. He is an Investment Adviser Representative, has passed the Series 65 securities exam, and is insurance licensed in multiple states, including Kansas and Missouri. Becker also hosts two radio shows. He is a U.S. Navy Veteran and is involved with veteran-related charity endeavors.
