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Should I retire early? How do I pull the trigger? Am I ready?

At the next cocktail party with your friends, tell them you are going to retire early. The reaction may run the gamut from jealousy to criticism. Next ask yourself if this doable.

Some things to consider:

• Expect some family and friends to criticize this choice. They will feel like you are leaving them for an island paradise or you have not thought this through.
• If you feel like you are close to having the resources and are healthy, make the leap, opportunities will surface to earn more money later. And no matter how much you have saved, you will never feel like it is enough. In retirement, with 60 plus hours a week to fill, you will likely develop an activity that will generate some income.
• If you have a low cost of living and after expenses your investments will continue to grow, you are ready.
• Adjusting to retirement is going to take a while. Many retires report that it takes 6 months to calm down, relax, and slow down.

Lastly, if you did not plan well financially and mentally, there can be some downsides to quitting work early. If you are not adequately prepared, you could be looking at a loss of Social Security income, healthcare issues, and mental and physical decline. There are also a few challenges that can occur if you’ve been emotionally invested in your job for years, such as loss of social interaction, boredom, loss of identity, and a lack of challenge or purpose.

Ready to retire early, give us a call, we can help.

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Peter B. Smith is a Family Wealth Advisor at the Planning Solutions Group in Fulton, MD and is an Annapolis resident. He can be reached at 301-543-6008 or by email at