Read a transcript of Money Moves stories from the world of personal finance
Meet Billy and Akaisha Kaderli of Phoenix who retired eight years ago at age 38. Billy was a stockbroker, Akaisha managed and then sold a successful family restaurant. No children, so a lot easier. No child rearing costs, no saving for college.
And Mark and Jill Freer, barely 40 but poised to retire within a year... double income, no children also. For three years Mark worked in the Middle East, Jill investing all his hefty paychecks sent home into the bull market. Add to the equation they’ve been big time 401-K savers all along and have a great corporate retirement plan. Financial planners say it’s a winning formula for early retirement.
Billy and Akaisha set up a financial goal for their retirement of $500,000 fully invested.
And then the spending side of it again, is a personal decision, but probably somewhere around $25,000 or $30,000 a year.
How about Mark and Jill?
Well, it really depends on lifestyle, and it is most important to start off being debt free which we are.
Financial Planner Bob Baltes says it pays to start as young as you can. If you’re a couple age 21, for example, here’s the ticket.
Retire Early Lifestyle appeals to a different kind of person – the person who prizes their independence, values their time, and who doesn’t want to mindlessly follow the crowd.