Many Americans wrongfully believe that only the very wealthy can enjoy the luxury of an early retirement. But the good news is even workers with a middle class income can retire at an early age—it just takes some flexibility, creativity, and early and strategic planning. If you don’t want to keep working until you’re in your 70s or 80s, you might not have to. You could retire at almost any point after you reach 55 years—it’s just a question of how much you want to live on and how willing you are to change your standard of living. If you retire early on a middle class income, you can’t expect to live in luxury during your later years.
When it comes to early retirement, sabotaging your retirement plans unintentionally can be distressingly easy. Many people who try to retire early end up making some critical errors that can cost them dearly in retirement.