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Friday, March 29, 2024

The Early Retirement Mistake

Courtesy of Doug Short

Try me out! Last week I posted a fascinating article on the complex assumptions underlying the task of calculating your retirement. The article was written by guest contributor Todd Tresidder, whose FinancialMentor.com website is one to bookmark for future reference. Todd is also the creator of the ultimate retirement calculator, illustrated here (click the picture to try it out).

In exploring Todd’s website I came across a “must read” for anyone contemplating early retirement. The title of the article poses the key question: Are You Making This Early Retirement Mistake? Follow the link to check out Todd’s perspective.

The article reminded me of my personal journey and tied together many of my own thoughts. My “retirement” began five years ago this coming June. I enclose the word in the antiseptic tongs of quotation marks because, in my experience, I’ve “retired” from nothing. For me it was simply a career move from an excellent six-figure management position in a Global 500 company to a non-salaried position I like even better — running this website.

In fact, Todd’s calculator article brought to mind the first article I posted on this website, The Calculated Retirement, a condensed version of which appeared in the Motley Fool Rule Your Retirement newsletter.

Arthur Winston While on the topic of retirement age (early, late, or never), please note that South Carolina’s Senator Lindsey Graham is launching a campaign to get Congress to raise the retirement age to 69. This in turn reminded me of my 2006 article The Value of Delaying Retirement. The inspiration was Arthur Winston, pictured here, who retired on his 100th birthday. Let’s see…, that would be 31 years after Graham’s proposed retirement age.

The fundamental question is: What does “retirement” mean to you? This is the question that prompted me to write Retirement, Redefined about a month before I left my salaried career behind to focus on dshort.com.

To help you answer the question for yourself and to evaluate your own retirement planning, check out Todd’s ultimate retirement calculator and read his article on planning assumptions. And if early retirement is your goal, by all means consider his Early Retirement Mistake.

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