Word: retiree
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...early retirees are by no means all rich. Edith Flowers Kilgo, 52, of Jonesboro, Ga., is a former free-lance writer and a university-press editor at Georgia State University who retired in 1994 to share her special expertise: saving money. Kilgo is publisher of the bimonthly newsletter Creative Downscaling, in which she passes on ideas gleaned from her own life-style, including the best way to purchase used cars, plus tips on buying clothes (wait for end-of-season sales) and making your own snacks. "I grew up in poverty as the daughter of sharecroppers," says Kilgo, whose husband...
One of the first tricks of launching a new career is knowing when to fold the old one. "Examine if you can really afford to do this, take an honest look at your skills and abilities and hook up with a good financial planner before you run out and do...
Then do the numbers carefully. Assuming a conservative rate of return of 7% to 8% on investments, you should plan to be able to live off 4% of your assets, says Ray Russolillo, director of personal financial services with PricewaterhouseCoopers in New York. About a year before you retire, you...
Of course, having a pension--which can sometimes provide a substantial percentage of your current salary--adds a nice cushion for early retirement. Pension plans typically pay 1% of salary for every year of service (e.g., if you worked for a company for 20 years, your pension would be 20...
Once you decide to retire early, change your life-style to meet your new circumstances. In other words, cut back. This can mean using coupons at the supermarket, eating dinner at home instead of going to a restaurant, and buying some clothes at thrift shops, says Marc Eisenson, co-author...