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Essay / Research Paper Abstract
This 3 page paper examines early retirement in the U.S. Why people retire early, how they can retire early if they want to, and how some are forced into early retirement are things examined. The fact that spouses do not always retire together is taken into consideration. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA517ret.rtf
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Unformatted sample text from the term paper:
of people having to work well into their seventies to make ends meet, the actual average age of retirement is now just 61 (2004). In order to retire early, people
must save a lot of money (2004). They usually do this by cutting down on spending and investing (2004). Some advice for retiring early is to downsize. One tip
is to purchase a smaller home and live in a low tax state (2004). Clearly, making sure one has living expenses is key to early retirement. For example, someone may
need a hundred thousand dollars per year to live near a key metropolitan area and their savings will not go far. They can move to Florida or somewhere in the
South or Midwest, where they are in the country and pay low taxes. Their spending dollars will go a long way. One formula is to figure out living expenses and
multiply that by 26 (2004). If someone requires forty thousand dollars per year to live, that would mean the retirement nest egg should be over one million dollars. Many people
have not saved this much. Clearly, later retirement would mean not needing so much money and having more time to save. There is always Social Security (2004). Of course,
that system is in crisis and that must be considered. There is no guarantee that Social Security will be there in the future. Many people retire early because they
want to. They want to enjoy the good life and do not want to be burdened by work. They feel they have put in their time and if they did
manage to save a lot of their income, they can retire early. Sometimes, retirement is forced due to a layoff where the individual is close to retirement age anyway.
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