Wednesday April 9, 2008 - Boomers on My Mind: Retiring Early

[0:00] ..." Looking at the boomers and what they'll be doing in the years ahead that's the topic today here on WBZ news radio 1030 with certified financial planner Dili today those specifically. We're looking at the question of whether you should retire early whether it's by choice or chance."...

[0:18] ..." I found that early was 55 and now we'll probably hear the boomers the oldest -- 62 this year and the youngest or 44. Some of already begun a Social Security benefits at age 62 so if you want to retire early and assume its 55 for those. 44 year old boomers they have got alot on their plate to handle. They're going to need to save more aggressively inside their retirement plan as well as outside. Because if you retire at 55 most of the time he can't access the retirement plans to age"...

[0:00]" Looking at the boomers and what they'll be doing in the years ahead that's the topic today here on WBZ news radio 1030 with certified financial planner Dili today those specifically. We're looking at the question of whether you should retire early whether it's by choice or chance."

[0:15]" And in in researching April in my -- the complete idiots guide to retiring early I found that early was 55 and now we'll probably hear the boomers the oldest -- 62 this year and the youngest or 44. Some of already begun a Social Security benefits at age 62 so if you want to retire early and assume its 55 for those. 44 year old boomers they have got alot on their plate to handle. They're going to need to save more aggressively inside their retirement plan as well as outside. Because if you retire at 55 most of the time he can't access the retirement plans to age 59 half so would -- do for dollars. Between the ages 55 and 59 had her. Because if you do access those dollars in the are yours you can get -- that is going to slap a 10% penalty and a bright but you also -- drained down your account before you really need to get daughter write him. Make arrangements for health care this may be your biggest expense in those early years to retirement you're not eligible for Medicare in theory 65. See may have ten years of pain your own way and for coupled exit cost between seven to 15000 dollars a year. Many early retirees actually look to working part time that they can cover their medical costs sure. Planned -- and you days we can do -- and we talked at this earlier in the week. How much fishing golfing in gardening can you do each week -- do you want to do it every day for the rest of your life right you know -- have to go someplace warmer if you plan to garden every -- in -- hothouse. Take monthly calendar and fill in the days that how you want to spend your time your retirement actually you know -- you know 10 o'clock I'm going to go grocery shopping 11 o'clock am home making -- how you date any vaulted don't -- that the time of -- watching TV no no that can be very boring now if your coupled. Be sure to include your partner in your planning oftentimes you wish to retire early just frustration acute job. Her and -- people do -- I have talked to people who just up and quit saying that's it. I'm done."