8 Must-Know Tips for Retiring Early

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Retirement is an oft-discussed phase of life, especially with the baby boomers on the verge of leaving work for good. With terms like “Roth IRA,” “401k,” and “Social Security” on everyone’s mind, retirees are sure to have a significant impact on the economy of the United States moving forward into the second half of this decade and the 2020′s. Whether it be through an increased need for medical care and homes for the elderly, or by the effect of retirees on the companies where they leave a job vacancy, few in this country will not be touched by the massive wave of retirements that we are just now starting to see.

While this is a problem for the government — which will have to dole out increasing amounts of social security — for many people it presents an opportunity rather than a curse. The business of catering to the needs of retirees, many of whom will have significant amounts of money to spend, is already one that totals well into the millions.

MORE: College Debt: Kiss Your Retirement Goodbye

However, many retirees are facing the opposite problem. They don’t have enough money to spend. In some cases, this has led to older people going back to work, if only part time, or at the very least many retirees have begun to drastically cut back on spending. The question is, how do you prevent such a scenario from happening to you?

Here are 8 tips for crafting a plan that will let you retire early and comfortably.