If you’ve been working towards an early retirement and wondering if it’s finally time, the following are some signs that you might just be financially prepared:
You’ve eliminated all your debt
If you still have loans and credit card debt, you might want to re-consider an early retirement. When you’re no longer working and you have debt hanging over your head, you might be setting yourself up for serious financial difficulties. But if all of your debt is eliminated, including your mortgage, it’ll be a huge weight lifted off your shoulders and fewer financial burdens to worry about. You’ll want to deal with as few bills as possible when you retire, especially when you retire early.
You’ve successfully stuck to a retirement budget
You know you’ve got everything under control and you have enough cash to retire early, and few liabilities to worry about. Now it’s time to put it to the test. Re-design a budget that will suit your new post-retirement lifestyle, and try living off it for six months to see if an early retirement is financially realistic. If you don’t hit any snags, rack up debt, or wipe out your savings, it’ll prove that you are ready to retire early and comfortably.
Do you dream of retiring early, but you need the money to make it possible? Although the payments you’re receiving from a structured settlement or annuity might be helpful for an early retirement, their long-term payment structure might not be enough to retire early. But did you know that you can sell those payments and instead of waiting for them to arrive periodically, you can receive that cash upfront in one lump sum?
Peachtree Financial Solutions buys future payments from people who would prefer to receive their money upfront. We have talked to people throughout the country with a lot of different financial goals, and we want to help you meet your goal of early retirement. Contact us today to learn more about how you can sell some or all of your future payments and receive a lump sum of cash now.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.