My wife and I retired early with less than $1 million saved. Was that too little? Have we retired too early? We help out one reader:
I have $540,000 saved, and my wife has $250,000 in retirement funds. We also have $60,000 in the bank. We decided to retire early . The only debt we have is my truck, which is $450 a month, and insurance, which is $1,300 a month. Our budget so far has been around $3,200 a month . This puts us around $38,400 for a year.
That being said, I do have some pointers for you to help you determine if you’ve “jumped the gun.” And also, I just want to note, even if you decide you did retire too early, there’s no need to panic — the fact that you’re being so mindful of your annual expenses and are still weighing your situation after already retiring is important.
You didn’t specify if that $15,600 annual insurance covers car, home and health but make sure you have all three. Healthcare is extremely important, especially as you wait for Medicare eligibility at 65 for each of you. You might also want to start thinking about how you’ll fund long-term care, which includes nursing homes or in-home aides. Those bills can easily rack up and deplete retirees’ hard-earned savings.
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If you haven’t already, create an account with the Social Security Administration. There you’ll be able to check that all of your work and earnings history is correct, and you’ll be able to get an idea of what your retirement benefits will be depending on when you begin claiming . This number will give you an idea of how much less you’ll have to take from your retirement assets.
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