With 18 years of financial planning experience, Mark Sessanta works with clients to look at the big picture of their financial lives to maximize their wealth. Mark Sessanta is the founder and CEO of the Stark Financial Group. The firm offers comprehensive financial services, including retirement planning.
If you’re hoping to retire early, there are many factors to consider. You’ll need to save more money, or consider living on less. It’s always best to start saving early, but even later you can catch up by putting away larger chunks of money. Hearts & Wallets, a retirement research firm, estimates that saving 15 percent or more of your income for at least eight years can give you enough to retire comfortably at age 65. If you want to retire earlier, try putting away 25 percent of your income in that time.
If you plan to stop working before you qualify for Medicare, you’ll also need to factor in the cost of a private health insurance policy. However, new rules make it easier than ever to find and compare plans with state exchange websites. Coverage costs more as you get into your 50s and 60s, but there are limits: insurance companies are not allowed, for example, to charge a 60-year-old more than three times what a 20-year-old would pay for the same coverage.
You also might consider a second paycheck. Some experts recommend looking for specific projects rather than a part-time job that may not be very stimulating. You may also be able to consult in your old industry or work on freelance projects.
If you’re hoping to retire early, there are many factors to consider. You’ll need to save more money, or consider living on less. It’s always best to start saving early, but even later you can catch up by putting away larger chunks of money. Hearts & Wallets, a retirement research firm, estimates that saving 15 percent or more of your income for at least eight years can give you enough to retire comfortably at age 65. If you want to retire earlier, try putting away 25 percent of your income in that time.
If you plan to stop working before you qualify for Medicare, you’ll also need to factor in the cost of a private health insurance policy. However, new rules make it easier than ever to find and compare plans with state exchange websites. Coverage costs more as you get into your 50s and 60s, but there are limits: insurance companies are not allowed, for example, to charge a 60-year-old more than three times what a 20-year-old would pay for the same coverage.
You also might consider a second paycheck. Some experts recommend looking for specific projects rather than a part-time job that may not be very stimulating. You may also be able to consult in your old industry or work on freelance projects.