Achieve Early Retirement

Key Takeaways:

  • Determine your financial goals: Set retirement saving goals and consider your desired standard of living.
  • Calculate your retirement savings needs: Assess your current expenses and income, estimate your future expenses, and determine your savings target.
  • Assess your current financial situation: Evaluate your existing savings, review your investment accounts, consider tax-advantaged retirement accounts, and evaluate other investment options.
  • Develop a retirement savings plan: Choose an investing strategy, diversify your income sources, determine your retirement timeline, and set a savings and investment plan.
  • Prepare for healthcare and other expenses: Consider health savings accounts, plan for long-term care, and evaluate insurance coverage.
  • Stay disciplined and stick to the plan: Track your progress, make lifestyle changes, increase income streams, and optimize expenses.
  • Seek professional advice and guidance: Consult a financial advisor and consider working with a registered investment adviser.

Early retirement: a goal many desire. To achieve this, financial planning and wise decisions are key. Save and invest smartly. Look into passive income and side hustles, too. Consider healthcare costs and inflation. Early retirement is possible with effort and good choices.

Determine Your Financial Goals

Determine your financial goals to pave the path towards early retirement. Set retirement saving goals and consider your desired standard of living to ensure a comfortable future. According to the reference data, understanding the importance of financial planning at an early stage can significantly impact one's ability to retire early. So, let's dive into setting goals and determining your ideal lifestyle for a successful retirement plan.

Set Retirement Saving Goals

Retirement savings goals are a must for ensuring a secure future. Set clear objectives to find out how much savings is required to live a desired lifestyle and retire early.

  1. Look at Your Finances: Analyze current savings, inspect investment accounts, and think of tax-friendly retirement accounts.
  2. Calculate Retirement Savings Needs: Estimate expenses now and later, and come up with a realistic savings goal.
  3. Make a Savings Plan: Pick investing strategy, diversify income sources, decide your retirement timeline, and make a savings and investment plan.

Also, plan for healthcare and other costs in retirement. Think about health savings accounts, plan for long-term care, and examine insurance coverage.

Be consistent with saving. Monitor progress regularly, make necessary lifestyle changes or increase income streams if needed, and trim expenses to maximize savings.

Get help from financial advisors or registered investment advisers to create and implement a tailored retirement savings plan.

By doing these steps and remaining devoted to the plan, individuals can set achievable retirement saving goals that lead to financial security in their later years.

Consider Your Desired Standard of Living

Incorporating keywords:

When planning for retirement, it's essential to consider your desired standard of living. This involves your lifestyle and level of comfort. To decide on the right standard, you should think about factors like housing, transport, travel, leisure activities, healthcare expenses, and other costs.

Current lifestyle should be assessed first. You need to choose if you'll downsize or stay in a similar home. Additionally, costs of transport and travel must be taken into account, depending on how much you want to roam in retirement.

Healthcare expenses must also be considered. As people age, their healthcare needs may go up, so it's important to plan for medical costs and make sure you have enough insurance coverage. Additionally, hobbies and leisure activities should be identified to estimate the funds needed for them.

Lastly, daily living expenses and unexpected emergencies should be factored in for a more accurate picture of your desired standard of living. To create a comprehensive plan that suits your post-work life, all these factors should be taken into account.

In conclusion, evaluating your desired standard of living is key when making retirement plans. Assessing various factors and accounting for potential cost changes will help you prepare for a comfortable and enjoyable retirement.

Calculate Your Retirement Savings Needs

When planning for early retirement, it is crucial to accurately calculate your retirement savings needs. In this section, we will explore how to assess your current expenses and income, estimate your future expenses, and determine your savings target. By taking these steps, you can gain a clear understanding of the financial requirements to achieve your goal of early retirement.

Assess Your Current Expenses and Income

Assessing your current expenses and income is essential for planning retirement. It helps you understand how much you can save for your goals. Here is a 6-step guide to assess your expenses and income:

  1. Look at your monthly expenses, like housing, transportation, utilities, groceries, and entertainment. This will help you see where your money is going and identify areas to cut back.
  2. Calculate the total income you get each month, including salary, bonuses, dividends, and other sources. This will help you figure out how much you can save for retirement.
  3. Consider discretionary spending that might stop you from saving for retirement, like eating out, shopping, or expensive hobbies. Decide if these expenses fit with your long-term goals.
  4. Take stock of any outstanding debts, like credit card debt or student loans. See how much money you spend on them each month and if you can pay them off faster.
  5. Check existing savings accounts or investments you have built up. See if they match your retirement savings goals.
  6. Explore potential extra income sources to boost retirement savings, like a side job or a small business.

On top of this, track your progress and make changes if needed. Get help from a financial advisor or registered investment adviser. Assessing expenses and income is key for a successful retirement. Analyze your finances to make informed decisions about saving. Analyze monthly expenses, income sources, and discretionary spending. Look at your debts and consider ways to increase your savings. Stay disciplined and talk to a professional for guidance. You can plan an early retirement with peace of mind!

Estimate Your Future Expenses

Estimating future expenses is key to retirement planning. To do this, assess your current expenses and income to figure out the amount you'll need to maintain your desired lifestyle. Then, think about inflation, healthcare costs, and any unplanned expenses.

Create a table to break down expenses into categories – like housing, transportation, healthcare, groceries, leisure activities, and other miscellaneous items. This will help you better understand how much money you need to save for retirement.

Expense Category
Leisure Activities
Other Miscellaneous Items

Other details to consider when estimating future expenses include long-term care and insurance coverage. Long-term care can be pricey, so plan for possible assistance with daily activities or medical care. Also, review your insurance coverage to make sure you're protected.

In conclusion, estimating future expenses takes careful consideration of different factors. Use tools like tables to organize your estimates and create a plan to save for a comfortable retirement.

Determine Your Savings Target

Determining your savings target is key for planning a successful retirement. Set a goal to help you build the financial resources you need for the life you want in retirement.

Here are the steps to help you determine your savings target:

  1. Assess your current income and expenses, future expenses, and expected lifespan.
  2. Calculate how much money you need in retirement.
  3. Evaluate your existing savings, investments, and other assets.
  4. Review investment accounts to ensure they align with your goals.
  5. Consider tax advantaged retirement accounts to maximize growth.
  6. Track your progress regularly and make adjustments as needed.
  7. Get professional advice to stay on track.

Setting a savings target helps you create a precise savings plan that suits your retirement lifestyle. John provides an example of the importance of having a target. He was struggling with finances and not saving enough, but once he set a goal, he was able to make informed decisions and achieve early retirement.

Assess Your Current Financial Situation

Assessing your current financial situation is crucial when working towards early retirement. In this section, we'll explore how to evaluate your existing savings, review your investment accounts, consider tax-advantaged retirement accounts, and evaluate other investment options. By understanding where you stand financially, you can make informed decisions and create a solid foundation for your retirement goals.

Evaluate Your Existing Savings

John was an individual who evaluated his existing savings every year as part of his retirement plan. He looked over his different investment accounts, analyzing their performance and comparing them to his retirement goals.

Through this process, John found areas where he could make improvements, like reallocating funds for better diversification. By evaluating his savings regularly, John made wise decisions and stayed on track for early retirement.

But it's not just about evaluating existing savings. Other factors must be taken into account, such as inflation and market changes, which can affect a savings' value over time. And the evaluation should be ongoing to help reach retirement goals.

Review Your Investment Accounts

Examining your investment accounts is key for understanding your financial situation. Analyze stocks, bonds, and mutual funds to check if your investments match your retirement objectives and if any alterations are needed to maximize your yields.

  • Assess performance: Look at the historical performance of your investment accounts to see how they have done over the years.
  • Analyze risk: Find out the risk level of each account and if it lines up with your risk tolerance and long-term targets.
  • Think diversification: Make sure your investment accounts are well-spread across different asset classes and sectors to reduce risk.
  • Check fees and expenses: Check the fees and expenses linked to each investment account to guarantee they are reasonable and not diminishing potential returns.
  • Spot rebalancing needs: Regularly review if rebalancing is necessary to keep the desired asset allocation within each account.
  • Assess investment options: See if there are better investment options that could possibly provide higher returns or lower fees.

Also, evaluating your investment accounts is a chance to observe any shifts in market conditions or economic factors that may influence your investments. Keeping up with market trends helps you make informed decisions about when to buy or sell assets in your portfolio.

In the past, many people didn't review their investment accounts often, leading to skipped chances for growth or too much risk exposure. But, by managing and inspecting these accounts, investors can increase their chances of achieving their retirement savings objectives while avoiding unnecessary risks.

Consider Tax Advantaged Retirement Accounts

Tax advantaged retirement accounts are essential for retirement planning. These accounts provide tax benefits that can enhance savings and cut down on taxes in retirement.

Options include:

  • 1. Traditional IRAs. Contributions here are often deductible, and earnings are tax-deferred until withdrawal.
  • 2. Roth IRAs. Contributions are not deductible, but earnings can be withdrawn tax-free.
  • 3. 401(k) Plans. Contribute pre-tax dollars, with potential employer matching contributions.
  • 4. 403(b) Plans. For employees of public schools, tax-exempt organizations and some ministers.
  • 5. SEP IRAs. For self-employed individuals or small business owners.
  • 6. Simple IRA Plans. For small businesses and the self-employed.

These accounts are beneficial for tax savings, growing retirement savings, and a more secure future. Consult a financial advisor to determine the best account mix for you. Review and adjust your plan as needed to align with your goals and circumstances.

Evaluate Other Investment Options

Evaluating other investment options is a key part of retirement planning. Look beyond traditional savings and retirement accounts to maximize returns. Consider real estate, stock market investments, bonds, mutual funds, and commodities. Assess their suitability based on risk tolerance, time horizon, and goals. Don't forget to seek advice. Lastly, create a comprehensive retirement savings plan with a diverse portfolio. This is vital for long-term financial security in retirement.

Develop a Retirement Savings Plan

Developing a solid retirement savings plan is crucial to achieving early retirement. In this section, we will discuss key aspects to consider, including choosing an investing strategy, diversifying your income sources, determining your retirement timeline, and setting a savings and investment plan. By understanding and implementing these essential elements, you can pave the way towards a secure and fulfilling retirement journey.

Choose an Investing Strategy

Choosing an investing strategy is a must for retirement plans. It is the approach you take to invest and grow your wealth with time. To pick the best strategy, understand your financial goals, assess your financial situation, and think about factors like risk tolerance and returns.

Risk Tolerance: Every investor has a different level of risk tolerance. This means the comfort with losses for higher returns. Some people can handle aggressive investments with more volatility, others prefer conservative investments with lower returns and less risk.

Time Horizon: Time horizon is the time till when you plan to retire. More time means more growth opportunities with stocks and real estate. Less time means capital preservation and income with fixed-income investments like bonds and CDs.

Portfolio Diversification: Diversification is a must. Spread investments across asset classes and within each asset class. This way, if one sector or investment performs poorly, it won't have a major impact.

Weigh these considerations before deciding. Consider risk tolerance, time horizon, and diversify portfolio. This will help you make an investment plan that meets your short-term and long-term goals.

Vanguard's 2020 study found that a well-diversified portfolio is a strong predictor of long-term success.

Diversify Your Income Sources

Diversifying income sources is key to maximising retirement savings. This reduces the risk of relying on a single income and helps build a stable financial platform for retirement.

  • Stocks and bonds:
  • Invest in stocks and bonds for different sources of income. This diversification can help mitigate losses and improve your investment portfolio performance.

  • Real estate investments:
  • Real estate investments such as rental properties or REITs give rental income and dividends. Adding real estate to your investment strategy adds another income source during retirement.

  • Alternative investments:
  • Alternative investments like private equity funds or commodities can also diversify income sources. These investments usually have low correlation to traditional assets and reduce risk while enhancing returns.

In addition to investments, look into passive businesses and freelance work for other income streams. Diversifying income grants financial security and lots of options as you plan for retirement.

Determine Your Retirement Timeline

Discovering your retirement timeline is key to planning for economic security later on. Defining the exact time when you want to retire helps you make a plan that fits your aims and ambitions.

  1. Step 1: Check Your Money Status Now
    Look at your present savings, examine your investment accounts, and consider tax-advantaged retirement accounts. This review will show the funds you already have and help decide how much extra money to save for retirement.
  2. Step 2: Count Your Retirement Savings Needs
    Estimate what you spend now and what you'll need in the future. This means thinking about inflation, healthcare costs, and your desired lifestyle. This will give you a sensible figure for your retirement savings.
  3. Step 3: Make a Retirement Savings Plan
    Pick an investment strategy that suits you and spread your income sources. Set a savings and investment plan that explains how much to save every month or year, based on the timeline established in Step 1.

You must track your progress towards retirement occasionally. Making lifestyle changes, getting more income sources, and cutting expenses will help you stay focused and work towards retiring early. Seeking advice from a financial advisor or registered investment adviser can also give you useful direction during this process.

By knowing when you'll retire, checking your money situation, counting your retirement savings needs, making a savings plan, getting ready for medical expenses, staying disciplined with the plan, and getting professional advice when needed, you can be sure to retire early with confidence.

Set a Savings and Investment Plan

Creating a savings and investment plan for retirement is critical. Figure out how much money you need to save and invest to have a relaxing retirement. Consider your desired lifestyle, current financial status, and future costs to make a plan that secures your financial stability.

  • Work out Retirement Savings Needs: Check your current expenditures and income, estimate future costs, and decide on the savings goal.
  • Examine Your Savings: See if your current savings are enough to meet your retirement objectives.
  • Review Your Investment Accounts: Take a look at the performance of your investment accounts and make required changes.
  • Look at Tax Advantaged Retirement Accounts: Think about options such as IRAs or 401(k) plans to gain from tax advantages.
  • Check Out Other Investment Options: Investigate different investment choices like stocks, bonds, or real estate to diversify your portfolio.
  • Pick an Investing Strategy: Choose an investment strategy that fits your risk tolerance and long-term objectives.

Considering healthcare and other expenses is as well essential when setting a retirement savings and investment plan. Look at healthcare savings accounts, long-term care planning, and insurance coverage to be ready for potential outlays during retirement.

Fact: Assessing your existing savings is a major step in creating a retirement savings and investment plan (Source: Reference Data).

Prepare for Healthcare and Other Expenses

Preparing for healthcare and other expenses is crucial when aiming for early retirement. In this section, we will explore the benefits of considering health savings accounts, planning for long-term care, and evaluating insurance coverage. By understanding these aspects and making informed decisions, you can ensure your financial security and peace of mind during retirement.

Consider Health Savings Accounts

Health Savings Accounts (HSAs) are invaluable for retirement savings. They boast triple tax advantages, meaning contributions and earnings are tax-free and withdrawals for qualified medical expenses are also tax-free.

You can make pre-tax HSA contributions via payroll deductions, lowering your overall tax liability. Plus, you can carry forward any unused funds from year to year, allowing you to accumulate a substantial balance for future healthcare costs in retirement.

HSAs can also provide financial security, as you'll have funds immediately available for unexpected medical expenses in retirement. Additionally, you can invest the funds in your HSA to grow your savings even more.

The Employee Benefit Research Institute's study found that individuals who contribute to an HSA have higher levels of retirement confidence compared to those who don't. Evidently, HSAs are paramount for your comprehensive retirement planning.

Plan for Long-Term Care

Long-term care requires thoughtful preparation! Here are some steps to consider:

  1. Assess costs: Take the time to understand the potential costs associated with long-term care.
  2. Investigate insurance policies: Look into long-term care insurance options and determine if they are a good fit for your needs.
  3. Factor in inflation: Remember to account for inflation when estimating future long-term care expenses.
  4. Take a look at Medicaid eligibility: Understand the requirements and benefits of Medicaid for long-term care coverage.
  5. Include long-term care in your overall financial plan: Ensure that you incorporate long-term care expenses into your retirement savings and financial plans.

By following these steps, you can better prepare for future healthcare needs during retirement!

Evaluate Insurance Coverage

Insurance coverage is key when planning for retirement. Assess your existing policies to ensure they provide enough cover. Taking time to evaluate insurance can help protect you financially in retirement.

  • Check if your health policy covers medical expenses.
  • See if you have long-term care insurance for assisted living or nursing home care.
  • Check if your life insurance policy still meets your financial goals.
  • Consider disability insurance to protect income if you become disabled.
  • Evaluate home insurance for your home and items.
  • See if you need adjustments to other insurance such as auto, umbrella liability, or travel.

Factors such as lifestyle, assets, and potential risks should be considered when evaluating insurance. Reviewing and updating policies keeps you protected from any risks and expenses that may arise.

Explore new types of insurance to add security. Long-term care insurance can help with healthcare costs. Reassessing life insurance ensures loved ones are looked after.

Evaluating insurance is essential in preparing for retirement. By regularly reviewing and updating policies, you can have peace of mind knowing you are protected.

Stay Disciplined and Stick to the Plan

Stay disciplined and stick to the plan for achieving early retirement by tracking your progress, making lifestyle changes, increasing income streams, and optimizing expenses.

Track Your Progress

Monitoring and assessing your progress is key to reaching retirement savings goals. Check investment accounts to see if any changes need to be made. Track income and expenses to see if you're on target. Reevaluate and adjust retirement plans as needed. Utilize tracking tools or apps. Consider seeking financial advice from a pro.

To be better at tracking progress, set smaller targets that can be monitored more often. Reassess versus milestones, taking into account changes in market conditions. Reward yourself for accomplishments! Proactively track progress, use tech, get assistance, and reassess. Celebrate achievements. Ensure success in meeting financial goals.

Make Lifestyle Changes

Aiming for retirement savings? Making lifestyle changes can be key. Modify spending, decrease unnecessary expenses and find ways to increase income. Make adjustments for a sustainable financial plan. Here's a guide to make lifestyle changes that will help:

  1. Look at expenses and cut back. Dining out, entertainment, subscriptions – reduce them.
  2. Create a budget and stick to it. Track spending and identify overspending or unnecessary purchases.
  3. Downsize or relocate. Move to a smaller home or lower cost area to free up funds for saving.
  4. Generate extra income streams. Take on a part-time job or start a business.
  5. Prioritize essential expenses over discretionary ones. Focus on basic needs before luxury purchases.
  6. Cultivate healthy financial habits. Save before spending and automate retirement contributions.

Small changes add up! Get started today for a secure retirement.

Increase Income Streams

Diversify income sources to reach financial goals! It's important to generate additional money for retirement savings. Different means to do this are investments, side hustles, passive income streams, or starting small businesses. This helps mitigate risk and boosts financial security.

Invest! Assets such as stocks, bonds, real estate, and mutual funds can provide dividend payments or capital gains.

Start a side business! Utilize skills and resources to create a side job alongside primary employment.

Monetize hobbies! Offer services or sell products related to passions.

Generate passive income! Invest in income-generating assets like rental properties, peer-to-peer lending platforms, or royalty agreements.

Gig economy! Use digital platforms and gig economy opportunities to earn extra income through freelance work or participating in the sharing economy.

These strategies help individuals build a financial foundation for retirement. Getting professional advice is recommended before making decisions about increasing income streams — a financial advisor can provide personalized guidance and help determine the best approach. Their expertise helps make informed decisions while maximizing potential benefits.

Optimize Expenses

Optimizing expenses is key for retirement planning. Evaluate and manage your financial outflows, to maximize savings and ensure security. Here are 5 important points:

  1. Analyze Current Spending: Look closely at expenses, and find ways to cut back or reduce costs. This could include cutting discretionary expenses, negotiating better bills/utilities, or finding affordable alternatives.
  2. Make a Budget: Track and control expenses by categorizing them to essential and non-essential. Allocate amounts to each, and adjust the budget whenever needed.
  3. Reduce Debt: Pay off high-interest debts first and make timely payments on all debts. Think about debt consolidation or refinancing.
  4. Maximize Savings: Look for discounts, coupons, and loyalty reward programs. Increase income through part-time work or side hustles.
  5. Monitor Expenses: Track spending habits, analyze patterns, and make adjustments to reach long-term financial goals.

By optimizing expenses, you can make progress towards a comfortable future.

Seek Professional Advice and Guidance

When planning for early retirement, it's crucial to seek professional advice and guidance. In this section, we'll explore two key avenues for obtaining expert assistance. First, we'll discuss the benefits of consulting a financial advisor, who can provide tailored strategies based on your financial goals. Additionally, we'll highlight the advantages of working with a registered investment adviser, who can offer comprehensive planning and ongoing support. By leveraging the expertise of professionals, you can make informed decisions and pave the way towards a secure and fulfilling retirement.

Consult a Financial Advisor

Consulting a financial advisor is essential when planning for retirement. They can guide you, assess your situation and design a personalized plan. Plus, they have the expertise to manage investments and retirement plans.

They can analyze existing savings, suggest tax-advantaged accounts and create a diversified portfolio. A financial advisor can also determine the timeline for retirement and create a savings plan.

Regularly reviewing and tracking progress with a financial advisor lets you stay on track and make adjustments. They can also advise on lifestyle changes and help optimize expenses.

Consider Working with a Registered Investment Adviser

If you're looking to invest in retirement savings, working with a registered investment adviser is a great option. These experts specialize in financial planning and investment management. Plus, they follow regulations set by the Securities and Exchange Commission (SEC) or state securities authorities.

By teaming up with a registered investment adviser, you can take advantage of their knowledge and experience. They'll evaluate your current financial situation and existing savings and investments. Then, they'll suggest strategies to meet your retirement goals. They can also help you diversify income sources and create a realistic timeline for retirement.

A registered investment adviser will provide ongoing support and accountability. They'll track your progress, make adjustments to your plan, and offer advice on lifestyle changes to optimize expenses. This way, you can stay dedicated to your savings plan.

Moreover, a registered investment adviser offers personalized solutions. They'll evaluate your existing savings accounts and investigate different investment options. This includes tax-advantaged retirement accounts and alternative investments.

Furthermore, a registered investment adviser will provide frequent updates on your progress and recommend alterations. By working with professionals like registered advisers, you can focus on saving and improve your resources.

Having a registered investment adviser can give you peace of mind while investing. Their expertise in financial planning and ongoing support will help you stay focused on your retirement savings plan. Their services make it possible to achieve early retirement.


Don't let early retirement pass you by! Take action now to secure your financial future and reap the benefits. Start by controlling your finances, maximizing income, managing debt, and prioritizing health and wellbeing. This will ensure you have a firm foundation for a successful and enjoyable early retirement. With this plan in place, you can look forward to a worry-free retirement full of opportunities to pursue your passions and dreams. So what are you waiting for? Start now and create a bright future for yourself!

Some Facts About Achieving Early Retirement:

  • ✅ Traditional pensions are becoming less common, so it's important to have a plan for retirement. (Source: Team Research)
  • ✅ Starting early by contributing to your workplace retirement plan and taking advantage of any matching contributions can help you achieve early retirement. (Source: Team Research)
  • ✅ If a workplace retirement plan is not available, consider other retirement savings options like IRAs or Roth IRAs. (Source: Team Research)
  • ✅ Avoid withdrawing from your retirement fund early to allow for potential growth and avoid penalties and taxes. (Source: Team Research)
  • ✅ Compromising on current expenses, such as reducing the frequency of vacations, can help prioritize early retirement. (Source: Team Research)

FAQs about Achieve Early Retirement

How can I achieve early retirement?

To achieve early retirement, it's important to first have a plan in place. Start by contributing to your workplace retirement plan and take advantage of any matching contributions. If a workplace plan is not available, consider other retirement savings options like IRAs or Roth IRAs. Avoid withdrawing from your retirement fund early to allow for potential growth and avoid penalties and taxes. Compromise on current expenses, such as reducing the frequency of vacations, to prioritize early retirement.

What is the 4% rule in early retirement?

The 4% rule suggests that you can withdraw 4% of your retirement savings annually, adjusted for inflation, without running out of money for at least 30 years. This rule is based on historical market data and assumes a balanced investment portfolio. It's important to note that the 4% rule is not foolproof and individual circumstances may require adjustments.

How do I fast-track my early retirement?

To fast-track early retirement, consider depositing as much money as possible into your investment accounts. Increase your savings by cutting expenses, optimizing your full-time job, and starting a side hustle. Setting daily, weekly, monthly, and annual savings goals can also help keep you on track.

What are some alternate income streams for early retirement?

To cover living expenses and save more for retirement, explore alternate income streams such as rental properties or part-time jobs. Launching your own business or pursuing freelance work are other options. These additional income sources can provide financial stability and help you achieve your early retirement goals.

How can I manage healthcare costs in early retirement?

Health savings accounts (HSAs) can be a valuable tool for saving on healthcare costs in retirement. Also, consider planning for healthcare coverage if you retire before the age of 65. Find alternative health insurance options until you become eligible for Medicare. It's important to account for healthcare expenses in your early retirement plan.

Is it wise to continue working after achieving early retirement?

Whether to keep working after achieving early retirement is a personal decision. Some individuals choose to retire early to enjoy a simpler life, travel the world, or engage in volunteer work. Others may continue working part-time to stay active and supplement their income. Consider your retirement dream and lifestyle preferences when deciding whether to keep working.

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