For Mark Roberts’ Use: What’s your retirement lifestyle plan? Some would say they plan to travel the world, while others hope to relocate to a relaxed community. Still others plan to stay right where they are, and dream of having more time to spend on hobbies or with family. Whatever your plan, you might be feeling eager to set it into motion… And that’s why many workers opt for an early retirement.

In fact, quite a few say that they would be willing to make some major changes in order to speed up the clock! According to one Marketwatch poll, anxious pre-retirees say that they would be willing to make the following changes, in exchange for an early retirement:

  • 38 percent would sell their homes and rent something more affordable
  • 34 percent would move out of the country to achieve a lower cost of living
  • 52 percent would relocate to another part of the country

The good news is, an early retirement is a possibility for many people. If you’ve accumulated enough savings in your retirement account, and have calculated your expected budget carefully, you might be on your way to an earlier retirement date. This is especially true if you’re willing to make some changes, to adjust your cost of living downward.

But before make any drastic decisions, let’s examine the possible complications. First is the housing market. While values are currently rebounding from the devastating crash on decade ago, values aren’t back up to where they once were. If you sell your home too early, you could cost yourself thousands in lost profit.

Moving to a more affordable location, whether another US state or a foreign country, is a popular option among retirees. But be careful not to miscalculate the tax implications of such a move, and plan for significant moving expenses. You might also wish to travel home frequently to visit family, so include that expense in your budget, too.

Finally, the cost of healthcare will actually vary depending upon where you live. States with lower costs of living usually boast lower healthcare costs, but make sure to investigate thoroughly so that you’re not surprised. And before assuming that you will qualify for free healthcare in a foreign country, make sure those benefits are also available to ex-patriots. In some cases they are, but in other cases healthcare benefits are reserved for citizens.

We can help you with all of these aspects of retirement planning, and more issues that you might not anticipate. Give us a call to discuss your retirement plans, and together we can decide if an early retirement might be possible for you.