By | October 27, 2016

Retire now!?  Many of our readers are working hard, maybe frantically, to be in a financial position where retiring is even a possibility.  If you are one of those folks, believe it or not, this article is for you.  What if I told you that you can retire now, while still working?time-to-retire

That may sound beyond credibility, because when we retire we expect to stop working.  So, let’s take a closer look as some retirement income solutions.

Find Your Sweet Spot

First of all, we always recommend you confer with an investment professional to make sure you are on the right track before making any life change.  As a general rule of thumb, you should be shooting for saving at least FIVE TIMES your annual salary for your retirement nest egg.  The “sweet spot” has been thought to be between four and eight times your current salary.  This, coupled with Social Security should put you in a place to enjoy a similar lifestyle.

Consider Social Security

We also know that Social Security benefits are available as early as age 62, but if you can hold off, they will increase significantly until age 70.  There are those that retire at age 62 and start taking Social Security right away.  The smaller amount they take at age 62 will continue at that rate, whereas people who wait to retire and take Social Security benefits at age 70 receive nearly double what they would at age 62.  Of course, they have had to work another eight years, or do they?

So, where are you in relation to this “sweet spot”?  If you’re there at age 40 (lucky you) – you can probably think about “retiring now.”  Let’s explore what I mean by “retire now.”

You Have Options

Assuming you’ve saved “enough,” you could then …

  • Keep your regular job, but instead of continuing to save for retirement, you could use whatever money had been budgeted for retirement savings to travel, play golf, help with the grandkids, or otherwise do the things you dream of in retirement. That’s one possible scenario.
  • Or, you could retire from your “day job,” but develop some other income stream(s) to pay the bills and do those things you’ve been dreaming of.

Either way, you’re able to leave your Social Security benefits and retirement savings or pension accounts  You live a bit more relaxed, “almost retired” lifestyle, all the while your retirement nest egg continues to grow (assuming the market is doing well, because you have stopped putting funds into it).  I would caution again that this scenario only works if you have five times your salary already in retirement savings when you “retire” (because you aren’t depositing any more under this scenario).

It may go without saying there are risks to suspending your retirement deposits, such as, becoming disabled or otherwise unable to keep working to pay the bills.  It would then be necessary to start withdrawing retirement savings and/or start receiving Social Security benefits (if at least age 62).  Think of it this way, at least you would have had the enjoyment of travel and other experiences before unfortunate turn of events.

Consider Supplemental Income

Maybe you aren’t in a place where you have five times your salary already saved.  You might want to supplement your income to get there quicker.  My personal favorite is online marketing, and the best way to investigate the possibilities is through a free subscription to Wealthy Affiliate.

Whether you are ready to RETIRE NOW, keep working and saving to maximize your retirement funds at age 70, or perhaps retire at some magic age in between, there are options you might consider for supplemental income.

You may be struggling with debts or unforeseen medical expenses.  If we take a lesson from the wealthy, getting and staying debt free is the most important thing to building wealth.  If your house isn’t paid for, find a way to pay it off as quickly as possible.

Set Goals

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Check Out Wealthy Affiliate Now!

Set goals for what you want to accomplish financially to get you to that “sweet spot” and have the funds set aside to retire.  A lot of people are driven and compelled to take action when they set themselves a goal.  Perhaps a good goal would be to save 15% of your income for retirement.  This is a good goal, suggested by Dave Ramsey, one of my favorite investment experts.

Take Action

Think about it.  Talk it over with your investment planner.  Amp up your retirement savings if that’s what it is going to take.  Discover retirement income solutions that work for you.  Consider a new income stream.  And if you’re ready, RETIRE NOW, and let me know how it’s going for you.

Wishing you all the best! ~ Dana



  1. Al


    I pride myself on reviewing web sites. I give the problems I see and enough details so the author can understand the problem and fix it if they agree with my assessment. Your site is the first one I haven’t seen a problem. All I can say is great work, and I wish you do well in Mexico.

    Al Shuler

    1. Dana Hagstrom Post author

      Thank you, Al, for your kind words! There are a lot of websites out there, and I agree not all are the best quality. My husband and I enjoy collaboration on these sites! Our other website is, and I’d love if you’d take a look at your leisure!

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