Have you met your retirement savings goal and feel ready to retire at 60? You’re not alone. Thanks to a more than decade-long bull run in the stock market, many Americans have reached their targets ahead of plan and are gearing up to retire.
They have the cash and are excited to pursue their passions, volunteer, start a new career, or simply take it easy. Those who are successful at it understand that retiring at 60 requires a lot of planning — from how they manage their money to how they pay for health care (Medicare doesn’t kick in until 65), to what they do with their time.
After all, if you retire at 60, you have many years ahead to live off your savings. Without a withdrawal strategy, you could end up running out of money. The “Best of Both Worlds,” “Take That Uncle Sam,” “Permission to Spend,” and the “Pay Yourself” rules are withdrawal strategies worth checking out.
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Even if you have a financial strategy, you need a plan for your time, particularly if your self-worth is tied to your career. Too much idle time can be a recipe for disaster.
Sixty is a great age to retire if you are ready. To make sure you are, take our quiz.
