With inflation holding steady, soft employment numbers and the overall economic uncertainty that has defined the U.S. throughout the 2020s, the prospect of an early retirement by the 2030s has begun to seem increasingly unlikely for many Americans.
In fact, it’s quite the opposite — the traditional retirement age of 65 is gradually increasing, and is expected to hit 70 for future generations soon.
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Still, there may be hope for those who hope to avoid working into their 60s or 70s. Recently, GOBankingRates reached out to financial experts to learn whether or not early retirement would be possible within the next decade — and their answers might surprise you.
Early Retirement Will Still Be Possible — Under Certain Conditions
“The playbook has become significantly less forgiving” for early retirement, noted Andrew Latham, director of content at SuperMoney. “If you’re looking at the old strategy, the one where you coast into your 50s and wait for a fat Social Security check to carry the load, that’s effectively dead.”
That said, early retirement is still possible, if you’re willing to commit to aggressive savings.
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“I’m telling people to aim for a nest egg of 30 times their annual spending,” Latham continued. “You need that extra margin because the safety nets our parents relied on are fraying. It’s doable, but you have to be more of a tactician than a dreamed. “
Melanie Musson, insurance and finance expert at Clearsurance, agrees.
“You have to be realistic. But you can do it, if that’s your goal. It may mean working more hours now and living even more frugally than you had originally planned,” she explained. “You can’t expect to retire early if you’re working a minimum wage job. You’ll need income that exceeds your cost of living so you can invest and prepare for early retirement.”
Where Is This Early Retirement Possible?
“You’re going to have a hard time retiring early without significant wealth on the Northeast and West Coast,” Musson warned. “Your money will go further in the Midwest and the South.”
Specifically, Musson suggested the following two cities:
- Johnson City, Tennessee: “Tennessee has no income tax, so the money you save for your retirement can go further,” she noted.
- Sioux Falls, South Dakota: “Sioux Falls is a good option for early retirees because there’s no state income tax, housing is affordable and healthcare costs less than the national average,” Musson said.
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This article originally appeared on GOBankingRates.com: Will It Still Be Possible To Retire Early in 10 Years? Yes, But Only in 2 Certain Cities
