Can You Retire Early?

Oppenheimer & Co. Inc. June 15, 2023

Early retirement is an uphill battle — and requires a smart game plan.

Nearly 50% of Americans want to retire by age 60, but only 16% may be able to make that happen, according to a survey by Bankrate. The reason why so few can achieve early retirement is simple: most people will not have enough savings and will likely end up working longer than they think.

Therefore, anyone aiming for early retirement needs to prioritize maximizing retirement savings, understanding how much you have saved, and to have a solid plan in place.

For many, planning is the hard part. It requires careful consideration and strategic decision-making. With that in mind, we want to provide you with a comprehensive game plan that can help you with the goal of achieving your financial aspirations and retiring comfortably ahead of schedule.

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10 Actions You Can Take as You Plan For an Early Retirement:

1. Define Your Goals

Begin by clearly defining your retirement goals. Consider factors such your target retirement age, lifestyle expectations, and any specific financial aspirations. This will serve as the foundation for your entire retirement plan.

2. Assess Your Current Financial Situation

Evaluate your current financial standing. Take stock of your income, expenses, assets, and liabilities. This assessment will provide insights into your current saving and spending patterns, helping you identify areas where you can make adjustments to accelerate your retirement savings.

3. Determine Your Retirement Income

Calculate the income you will need during your retirement years. Consider factors like living expenses, healthcare costs, travel, and any other discretionary spending. Assess potential income sources such as pensions, Social Security, investment returns, and passive income streams.

4. Create a Budget and Track Your Expenses

Establish a budget that aligns with your retirement goals. Monitor your expenses diligently and identify areas where you can reduce unnecessary spending. Aim to save a significant portion of your income to accelerate your retirement savings.

5. Maximize and Consolidate Your Retirement Accounts

Take full advantage of retirement accounts such as 401(k)s, IRAs, and Roth IRAs. Contribute as much as possible, especially if your employer offers matching contributions. Understand the tax advantages and withdrawal rules associated with these accounts.

If you have numerous accounts from several employers, be sure to consolidate them to make it easier for you to make sure all of your contributions match your objectives.

6. Invest Strategically

Develop an investment strategy that aligns with your risk tolerance and retirement goals. Diversify your investments across different asset classes, such as stocks, bonds, and real estate, to reduce risk. Regularly review and rebalance your investment portfolio to maintain an optimal asset allocation.

7. Minimize Debt

Prioritize paying off high-interest debts, such as credit cards and personal loans. Minimizing debt before retirement will reduce your financial burden and allow you to allocate more resources towards savings and investments.

8. Plan for Healthcare Costs

Consider healthcare expenses during retirement and explore options for health insurance coverage. If retiring before Medicare eligibility, research individual health insurance plans or bridge coverage options to ensure you have adequate medical protection.

9. Prepare for Unexpected Events

Build an emergency fund to cover unforeseen expenses and create a safety net for unexpected life events. Having a financial cushion will protect your retirement savings and give you peace of mind during challenging times.

10. Continuously Review and Adjust Your Plan

Regularly review your retirement plan and make adjustments as needed. Factors such as market conditions, life events, and changes in your financial situation may necessitate modifications to your strategy. Stay informed and seek professional advice when necessary.


Early retirement is an ambitious goal that requires careful planning and disciplined execution. By following a comprehensive game plan, you can increase your chances of achieving financial independence and enjoying a fulfilling retirement ahead of schedule. The ten actions outlined above are a good start for anyone looking forward to a successful retirement.

Need help achieving your financial goals? You can always reach out to your Oppenheimer Financial Professional who can help you take steps, using a variety of financial tools, designed to create your personal retirement outlook.


Want to find an Oppenheimer Financial Professional near you? Click here.