Clearly, there’s a lot to consider when it comes to retiring in your fifties. Here’s a story of a couple who successfully left the workforce in their fifties. 

Retirement in your 50s: A Real-life Story

Although it might seem like a farfetched concept to most, it can be do-able if you plan accordingly. Take Jim and Mary W., who did not want to wait until age 65 to retire. “We saw a lot of adults who retired at 65 and they didn’t get a very long retirement because they got sick,” says Jim. So, when they reached 55, they both agreed, “Let’s retire.” 

Fortunately, they’d worked for the same companies since their 20s, so they received good pensions as well as health coverage that included Medicare supplements when they turned 65. They had prepared well with 401(k)s, IRAs, investments and a Health Savings Account. And, they planned on taking Social Security at 62.

Jim, a “spreadsheet guy,” had tracked their spending for the previous 10 years and had an excellent idea of future expenses. The only major change they made was to leave the high-tax state of New York and relocate to retirement-friendly Florida which boosts their Retirement Score by 7 years and 3 months.

Their advice: “Get out as soon as you can! ” Of course, this is only a good idea if you’re prepared financially. 

If you’re like Mary and Jim and planning to relocate in retirement, find out how your Retirement Score will change by comparing zip codes with Silvur’s Cost of Living calculator.