The average age most Americans expect to retire is 66, but there are a number of people settling into their golden years early. Planning for a traditional retirement isn’t always that simple and striving to retire early requires even more discipline. An early retirement can be difficult to achieve, but it’s not impossible. Here’s how you know you’re heading on the right path:
- You’re debt-free. Any sort of loan such as car loans, credit cards, and a mortgage can have a direct impact on your ability to save for retirement. If you enter retirement with debt there’s a chance that it can restrict your quality of life. Clearing debts isn’t always an easy task, but there are avenues towards minimizing them such as downsizing your home, trading your vehicle in for something more practical, and limiting your splurges until you receive bonuses.
- You’re saving more than you need each month. Most people have an idea of how much cash flow is coming in and how much is leaving their pockets each month. It’s important to not only know what your earnings are, but what your saving goals are too. Start off by using this pre-retirement calculator here. It’ll help you estimate the amount you need to achieve in savings by the time you retire and how much you should be saving monthly to reach that goal. If results show that you’re currently saving more than necessary, then you’re on a healthy start.
- You’ve closed the insurance gaps. Healthcare is and will continue to be one of your biggest expenses in retirement. Until you become eligible for Medicare (at age 65), you’ll want to have an understanding of how long your health insurance coverage will last in case of an emergency. There’s also a high chance that you’ll need some sort of long-term care service which may not be covered by Medicare. You can help close that gap with long-term care insurance. In addition, you may also want to look into other coverage such as disability and life insurance to add extra layers of protection to your income.
Do you crave the freedom and dream on settling down before the typical American? No matter how you slice it, retiring early means making some changes now. Reach out to us at (540) 720-5656 and we can help adjust or develop a plan to attain your retirement goals.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter.