Plan for the Day You Can't Keep it Going
Look, you can pull off the retirement lifestyle no matter what your age if you do find something that pays you to do what you love and enjoy. That still doesn't mean you shouldn't make plans for the time you want to slow down and take a different direction. To have the flexibility you need to have other sources of income and the best and most reliable source is savings.
Here are some statistics regarding what most people have in mind for retirement and it is clearly not sufficient.
Vanguard offers a retirement calculator that helps you at least get a realistic idea of how much income you can expect based on you assets and expected income streams such as social security.
Have a War Chest
Meanwhile, you need to find a way to put aside some money on a regular basis. First go ahead a create an emergency fund that will let you sit out 6 months and eventually a year for injury or disability. I've had a number of these occurrences over the decades and they were usually non work related such as an auto accident or a fall down some stairs. If you have a deep cash buffer that allows you to comfortably sit back to regroup and recover you will have to confidence to never feel that paycheck to paycheck vulnerability that a majority of workers have.
The best part of all is that you can have this confidence while living your retirement dream as a person who teaches happiness in the form of hitting tennis balls. (Substitute any other vocation that accomplishes the same for you whether it is painting murals or building computers.)
Where is the best place to hold your emergency fund? In a savings account at a nearby credit union or savings bank. I prefer credit unions since they are usually less costly and more user friendly. You will probably be eligible for one based on prior jobs, where you went to school, or past military background for someone in your family.
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