While 65 is the standard age for retirement, many people dream of crossing that finish line early. What was traditionally referred to as ‘early retirement’ has morphed into a more robust mission of financial independence, which provides the freedom to choose when and how to retire (or continue working) on your own terms.
Since social programs that support retirement are based on age eligibility, an early start must be self-funded. Retirees cannot receive Medicare until age 65 and they cannot receive full social security benefits until age 66 or 67. So to retire early, you must have enough money saved to pay everyday living expenses, as well as healthcare, taxes, and other expenses. This is where investing can make a huge impact.
At its core, stock trading is about buying and selling shares on exchanges like the NYSE or NASDAQ. Your broker plays a key role in executing your decisions, whether you’re looking to invest or divest.
Just as every journey begins with a single step, the investment process starts with acknowledging the significance of an early start. The magic of compounding interest is that it grows your investment over time because of returns not only on your initial principal but also on the accumulated interest from previous periods.
In the realm of investments, empowerment stems from having the right tools and resources, enabling you to actively engage with your financial endeavors.