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Ready For Retirement

[Case Study] How to Prepare for Early Retirement

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5706 Ratings

🗓️ 20 June 2023

⏱️ 29 minutes

🧾️ Download transcript

Summary

For people who are planning to retire early, planning for retirement can be especially daunting. There are many different points to consider, but the most important is ensuring that your income stream will sustain you for the rest of your life. Today’s case study examines someone who is looking to retire early so that you can understand what framework and approach to apply to your own situation. Questions Answered: What do you do for income when you no longer receive a paycheck? What ...

Transcript

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0:00.0

planning your retirement is daunting regardless of how old you are but for people who are planning

0:06.6

to retire early it can be exponentially more scary and while there's dozens of different planning

0:11.6

points you need to consider before you retire early the most important is ensuring that you

0:16.5

have a sustainable income stream that will last the rest of your life in today's episode we're going to take a look at a case study of someone who's looking to

0:23.3

retire early so you can understand what framework to apply and best approach this with your own

0:28.3

situation.

0:31.6

This is another episode of Ready for Retirement.

0:34.1

I'm your host, James Cannell, and I'm here to teach you how to get the most of life

0:37.3

with your money. And now, on to the episode. A lot of times when you're looking for

0:45.6

guidance for things like, how do I retire, or how do I invest, or what should I do,

0:49.7

it can be helpful to see, you know, like, here's five tips to do this, or here's three

0:53.7

things to consider. But a lot of times, looking at an actual case study, someone else's specific

0:58.7

example I find is most helpful because even though your details aren't going to line up perfectly

1:03.2

with theirs, you can start to see the little nuances that come into play, and those are what's

1:08.1

most important for you as you understand how this applies to you.

1:11.5

So today we have a question. This question comes from Tanner, and we're going to use Tanner's

1:15.3

question as a case study to help unpack this question of how can you prepare to create a

1:20.4

reliable stream of income if you're going to retire early. So Tanner says this. He says,

1:25.3

I really appreciate your content and I've been listening since you started.

1:28.3

I like the mindset of educating everyone on personal finance and the depth of your answers.

1:32.5

My question is, if you think we can step away from work when I hit my number.

1:36.2

My goal would be to leave full-time work at the age of 50 and have my wife and I only work part-time

...

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