What It Takes to Actually Retire by 30 - Deepstash
What It Takes to Actually Retire by 30

What It Takes to Actually Retire by 30

Curated from: thecut.com

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#RetireBefore30

#RetireBefore30

  • A growing online community championing quitting work before the age of 65 has emerged with hashtags like #EarlyRetirement, #RetireBefore30, and #FinancialIndependence.
  • The movement built on aggressive saving, investment, and frugality has found a new audience - and come up with new strategies for piling up cash.
  • You need to reach a net worth 25 times your annual cost of living to theoretically live off your savings for the rest of your life.
  • If you can bump up your savings and increase your income, you could get there even faster.

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Retiring Early Is Risky

  • People underestimate the length of their life.
  • Nursing homes and retirement communities are exorbitantly expensive.
  • Health care costs more as you age.
  • Family planning is difficult to predict.
  • Access to premium Medicare and pension funds depends on the number of years you work.
  • The market can be unpredictable.

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The Advantages of Retiring Early

  • College degree, no student debt.
  • Partner to share expenses.
  • No children or relatives to care for.
  • Access to health care.
  • Choice of where to live.
  • But all of this comes at a price.

One example is the case of Taybeepboop, a 28-year-old post-production freelancer who paid off her college debt in under a year and eventually saved enough to buy a home. Her financial advisor encouraged her to share her financial story on TikTok, but it came at a high price.

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IDEAS CURATED BY

weston_ga

"I think the next best thing to solving a problem is finding some humor in it." -Frank Howard Clark

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