I have anxiety about my ability to become financially independent and/or retire early. If you were were in a similar situation, as the one described below, would you be confident about your ability to be financially independent or to retire early or would you be anxious about your ability to be financially independent or retire early.
1. You had enough money to pay for your primary residence, so you did not have a mortgage.
2. You had enough, based on a 4% safe withdrawal rate, to cover property taxes, utilities, food and some money for gas. These costs would represent about 45% of my annual living costs.
3. 55% of my other basic annual living expenses presently would not be covered. Examples of these expenses would include- maintenance to car, saving fund for car replacement, house maintenance, clothes, basic health insurance, etc.)
4. I am 41, and I will be eligible for a small state government pension at 60 that would cover about 10 to 15% of my total annual living expenses.
5. I will be eligible for social security.
If you were similarly situated, would you feel a sense of confidence that financial independence and/or early retirement was a good possibility in the short term? If so, then why is it that I am feeling a lot of anxiety about not achieving my goal of becoming financially independent and/or retire early.
Thank you for your feedback.
1. You had enough money to pay for your primary residence, so you did not have a mortgage.
2. You had enough, based on a 4% safe withdrawal rate, to cover property taxes, utilities, food and some money for gas. These costs would represent about 45% of my annual living costs.
3. 55% of my other basic annual living expenses presently would not be covered. Examples of these expenses would include- maintenance to car, saving fund for car replacement, house maintenance, clothes, basic health insurance, etc.)
4. I am 41, and I will be eligible for a small state government pension at 60 that would cover about 10 to 15% of my total annual living expenses.
5. I will be eligible for social security.
If you were similarly situated, would you feel a sense of confidence that financial independence and/or early retirement was a good possibility in the short term? If so, then why is it that I am feeling a lot of anxiety about not achieving my goal of becoming financially independent and/or retire early.
Thank you for your feedback.