Can You Afford To Retire Early?
“Do I have enough assets to retire early?” We get this question all the time as people come into our office asking for help to create their retirement plan. Fidelity recently conducted a study discussing married couples choosing to retire three years short of 65, who encounter up to $51,000 in out of pocket medical costs. What many people do not take into account is spending approximately $17,000 in health care premiums without Medicare coverage, which does not take into effect until age 65.
A recent CNN article shared some of the hidden costs of retiring early, highlighting that the average retiring couples at the age of 65 could expect to spend nearly $220,000 for health care costs throughout the duration of their retirement. These costs do not include over-the-counter medications, the cost of a nursing home or long-term care. Those retirees expected to live longer could anticipate even higher costs.
It is important to take into account the hidden costs of retiring early. Give us a call at (775) 853-9033 to discuss your retirement portfolio and your options regarding early retirement.