Everybody wants to retire early, it seems. Americans who expect to work full time after age 62 fell in March to a record-low 45.8%, according to the Federal Reserve Bank of New York. And those in the Financial Independence, Retire Early (FIRE) movement are betting that if they live as frugally and save as much as possible they will never have to work after their 30s or 40s. It might be tempting to aim for an early retirement, but is it a good idea, and what can go wrong? We asked several financial advisors that question for this week’s Barron’s Advisor Big Q.
Sean Clancy, wealth advisor, Prime Capital Investment Advisors: Whether you’re 35 or 40 or even 55 years old, I would say early retirement preparedness breaks down into two distinct topics. One is financial, and the other—which might even be bigger—is emotional, because when you’re no longer working, the biggest risk is lack of fulfillment.
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