I s that dream of retiring early - at 55 or perhaps 62 - slipping away?
Many would-be retirees know this scenario painfully well: Their nest eggs took a huge hit during the financial crisis and recession, and investment returns since then haven’t been enough to get them back on track.
Fee-only financial planner Jill Boynton of Cornerstone Financial Planning in Newington, N.H., has seen the pain. “Lots of people don’t have as much as they had hoped,’’ said Boynton. These days it’s not uncommon to see people who are 10 percent shy of what they had hoped to spend annually in retirement, she said.
But those not quite willing to give up on the dream might consider an alternative approach. Christine Fahlund, a senior financial planner for T. Rowe Price, suggests people consider using their 60s as a “practice retirement,’’ where they keep working, but stop funding retirement plans and use the money to have fun.
What does “practice retirement’’ look like? Instead of retiring and sailing around the world, you might keep working and simply buy a boat; rather than spending the winter on a Florida golf course, take a deluxe golf vacation. Spend a week at cooking classes in Paris, on a bike trip, or seeing Broadway shows in New York.
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