Considering an Early Retirement? Here’s What You Need to Know

A woman painting outside

When is the “right” age to retire? The answer is different for everyone. 

According to one survey, the average expected retirement in the United States is 65, meaning that is when many adults plan to retire. However, the actual average age of retirement is 62 – younger than many had planned.. 

For someone with a pension, the ideal age to retire might be even younger, such as between 50 and 55. Many adults, including state employees, teachers and members of the military, have pension plans that offer incentives for early retirement.  

If you are considering early retirement because of a pension, or just because the timing feels right for you, here’s what you need to consider. 

Consider Your Early Retirement Budget 

When making any retirement plans, early or not, the best place to start is with your budget. Before you tour communities or decide what kind of housing you prefer, it’s important to determine the monthly income you will have available.  

For instance, if you’re working with a pension, you might want to look for housing options that include set payments that won’t increase over time. This can be especially important for those retiring early because costs tend to increase greatly over the years. You don’t want to settle into your dream community just to find you can’t afford it 10 years later. You might also be interested in communities that don’t require large entrance fees and deposits. 

It’s also important to plan whether you can afford to rent or buy. Both can be great options depending on your budget, care needs and long-term plans. 

Consider the Location 

Next, consider where you would like to retire. This is much more than the question of “house or apartment.” You should also think about the ideal climate, proximity to family and options for recreation. Do you want to live in a bustling city or a more peaceful, rural community?  

Because you are retiring early, you have time to “shop around” for a community and location that best suits your tastes. Florida is a popular choice for many retirees because of its warm climate, reasonable cost of living and lack of state income tax.  

Consider Your Lifestyle 

Next, consider what type of lifestyle you’re looking for in early retirement. Because you will be retiring at a younger age, you might be more interested in an active lifestyle at first. Do you want to live somewhere with opportunities to play pickleball? Join clubs? Attend frequent social events? Living in a retirement community provides opportunities to build community and be with people who have the same goals in life – and maybe retired early just as you did.  

Do you plan to continue working in any capacity? Whether you want to work part-time, full-time, volunteer or just pursue a passion project, look into the options available near your desired community. 

Finally, consider your long-term needs. Because you are planning for the rest of your life, it’s best to find a community set up to serve you as your needs change. 

Frequently Asked Questions About Early Retirement 

What are the advantages of retiring early? Early retirement may offer more leisure time, the opportunity to pursue hobbies, travel and spend time with family. It can also allow individuals to enjoy good health during their retirement years. 

Should I pay off my mortgage before retiring early? Paying off a mortgage before early retirement can provide financial security by reducing fixed expenses. However, the decision depends on individual circumstances, interest rates and other financial priorities. 

Can I return to work after early retirement? Yes, many retirees choose to work part-time or pursue new career paths after early retirement. Returning to work can provide additional income and a sense of purpose. 

Discover Advent Christian Village  

Residents who live in our faith-based community at Advent Christian Village enjoy the flexibility of financial arrangements that cater to different income levels, including those with a pension – and there is no entrance fee. Membership benefits include free use of our wellness center, emergency and security response, out-of-town medical transportation, free shuttle bus transportation around campus and more. We offer options for members with different resources, health concerns and retirement goals and we might just be the perfect fit for you. Schedule a tour at our Live Oak retirement community today – we’d love to speak with you.   

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