Do you ever cringe when you read some of what financial advisers say in interviews or online?
Here’s a quote that we can dispute. It’s from Michael Kresh, president of MD Kresh Financial Services and author of You Can Afford to Retire.
Kresh said the average person cannot afford to retire before his/her forties.
“The only people who can retire that young are the people who have hit it big really young,” Kresh said. “You’re looking at somebody who’s effectively hit the business jackpot or lottery.”
It’s also difficult to retire young if you have children. Kresh argues that children can set your retirement savings plan back as much as 10 years, partly because of the increase in higher education costs.
I would have to hand it to Kresh that retirement before 40 can present challenges in ways some have not thought about. Questions like “Now that I’ve quit the job I hate, what do I do? I didn’t expect to land HERE…” or “I didn’t think about all those job perks I got (traveling first class, health care included in my salary, my title and status, co-worker events that filled my social life…)” Some have even mentioned to us that since they have left their jobs, they have gotten depressed! Too much time on their hands!
But we dispute that one has to hit the business jackpot or that it’s SO. MUCH. MORE. DIFFICULT. to retire if you have children.
We’d also recommend that you take a look at our interview with Jillian Johnsrud. She and her husband retired early and are raising 5 children.
So don’t let those financial “experts” define your life for you. Choose your own future.
For more interviews of Captivating Characters and other Early Retirees, click here.