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Friday, March 30, 2007

Steps to retire early

The CNNMoney.com article discusses the strategies to retire early. If considering early retirement, it’s important to have saved a sizable retirement kitty that would be sufficient to cover expenses during the retirement. As per the article, possible options include

- Reducing big-ticket expenses, for eg, by continuing to drive existing car
- Sending kids to public instead of private schools
- Increasing portfolio allocation in stock related funds (which, however, could increase the portfolio risk)
- Taking advantage of retirement plans like IRAs and 401(k)s
- Opening a business

The article seems too generic to me. Am sure many people already have followed most of the above steps and yet it’s hard to save sufficient money to consider retiring early. For eg, most people I know, already send their kids to public schools. In addition, even opening a business doesn’t mean it will be successful nor does it consider the amount of investment, time and commitment it would need to get it up and running. If the idea is to retire early in order to quit work, then opening a business could instead result in greater work load and financial and time commitment.

To check out the article, click the link below:

CNNMoney.com: Build the big sum you'll need

posted by Ruby @ 6:52 AM

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