Retirement Financial Planning - What If You Want To Retire Early?

Retirement Financial Planning - What If You Want To Retire Early?

February 08, 2024

Many people dream of retiring early and doing what they want to do with their free time. With proper financial planning and investing you may be able to retire early. When deciding when is the right time to retire, there are a few factors to consider. Research your retirement budget and ask yourself:

How much money do I need and plan to spend during retirement? 
How is my health and that of my spouse/partner?
How long can I expect to live?
Do I currently live where I want to retire? If not, where do I want to go?

The answers to these simple questions will get you thinking about what you will need to retire. But you also need to consider some key details of retirement. Watch our video on the cold hard facts of early retirement: How to Retire Early.

Take Into Account the Future Cost of Living

Personal research into the cost of living during retirement should be done to get an estimate of the amount of money you will need for your preferred lifestyle. It is essential to have realistic financial and personal expectations when preparing to retire. Whether you retire in a couple of years or 30, you need to plan for a long retirement. Overall people are living longer, and you should plan with that in mind. Think of all the free time you will have once you retire and determine the cost of daily living. You’ll not only have personal and household expenses, but also hobbies, movies, dining out, travel, healthcare, and possibly assisted living -- all of which cost money. Since history is a good indicator, costs will inevitably increase over time due to inflation. This occurs when there is an increase in the prices of goods and services. When the general price level rises, each dollar buys less. Being aware of the inflation trends may help you better estimate how much money you can expect to need during retirement. Whether planning for retirement or investing while you are currently retired, the help of a qualified financial consultant like Amy Flores Velasquez of Winchester, VA can help you find ways to increase your retirement investments.

Consider Future Health Care Expenses

Increasing healthcare expenses are a concern for a majority of people, but it is especially important to consider when planning to retire. When you step down from your job chances are you will lose your healthcare. That said, inquire about your current employer’s healthcare plan to see if there is an option for coverage under that plan after you retire. If that is not an option, then you will have to purchase your own health insurance policy. There is also the expense of Medicare to consider once you turn 65, and supplemental insurance on top of that to cover what Medicare does not.

Determine Where You Want to Live After Retirement

If you plan on leaving your current area to retire elsewhere, do your homework. When deciding where to go it would be prudent to check into local resources and community with regard to how they care for the sick and the elderly. Although this is an aspect of retiring one might not want to think about, it is important to consider your options in the event of a long-term illness or simply living longer. Options such as “aging in place” (living in your own home with some outside assistance as needed), retirement communities, or assisted living can play a major role in deciding when and where you want to retire.

One such place to consider is (believe it or not) Winchester, Virginia—the county seat for Frederick County. Found at the foot of the Blue Ridge Mountains, the Winchester area is sought-after by retirees. The area offers many notable nursing, rehabilitative, and assisted living facilities, as well as a thriving and tight knit community.

Can You Retire Early? Let Us Look Into It With You!

If retiring early is your dream, Amy Flores Velasquez is a financial planner in Winchester VA who can assist you in creating a sound retirement plan that can help prepare you for an early retirement. Amy is adept at helping clients determine the expected costs of retiring as well as any unforeseen costs that might come up. He has the experience and foresight to help you make early retirement a reality. Amy can assist you with your investment income—any investments made before you retire with the hopes to supplement your income once you have retired. He can also look at your current situation and tell if you are on track for retirement or not.

For the younger generation looking now to start preparing for retirement, it can often come down to a balancing act between paying today's bills and tomorrow's goals. However, it is never too early to prepare for your retirement!

Contact Amy Flores Velasquez today to schedule a complimentary, no obligation, financial review and discuss your retirement options.

In case you or your loved one needs care in their retirement, here are links to a few suggested services local to Winchester VA. While we can’t vouch for any of these resources, it is worth a discussion with them to see if they would be helpful to you.

Retirement communities in the Winchester area:

The Village at Orchard Ridge

Spring Arbor Senior Living

Live in your own home with assistance from local Winchester professionals:

Home Instead

Right at Home

*Shenandoah Valley Financial Services is located in the city of Winchester in Frederick County, VA. We serve as financial advisors to clients in the Mid-Atlantic Region primarily in the states of VA, MD, DC, FL, NC, SC, PA, and WV.


This is meant for educational purposes only.  It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions.