Depending on who you ask, early retirement has different definitions. Generally, any time before your 62nd birthday when you are eligible to draw Social Security benefits. Recent years have seen the growth of the “Financial Independence, Retire Early” or FIRE (Financial Independence, Retire Early) movement, which encourages people to retire even in their 30s and 40s.
Many Americans do not know how much they will need to save for retirement, which poses a challenge. However, many people can achieve early retirement with dedication and planning. To find out if you can retire early, here’s an overview on how you can make that dream a reality.
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