.jimcramer says retiring early is a mistake: 'You’re going to pay for it for the rest of your life.' (via CNBCMakeIt)
That's because people who retire decades early will probably need "a lot more" money saved up than they think, Cramer tells CNBC Make It. "A lot of people are betting against themselves. They're betting against how long they'll live."
"I talk to a lot of people who want to retire early," says Cramer. "They don't want to leave the earth without doing amazing things. They want to climb Machu Picchu. They want to see the pyramids. Maybe they want to climb Everest." For example, you might end up owning a nice house that you can't afford, want to travel more than you originally planned or develop a medical issue not covered by your health insurance. Although Social Security and Medicare will provide some financial help in retirement, those programs won't necessarily cover all of your unexpected medical debt, if you have it, which can sometimes cost tens of thousands of dollars.
Your needs also change as you age, he says. You might be dead set on early retirement now, only to decide later that you want to spend money on things that improve your quality of life, such as trips to see family or gifts to your children.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Jim Cramer Says Investors Should Eye These 5 Downtrodden Stocks“For many groups, this bear market’s simply about working off the excesses of the past two years,” the “Mad Money” host said.
Weiterlesen »
Jim Curtin is happy to have Julián Carranza for good, and for not much moneyThe Union paid $500,000 to Inter Miami for a striker whom the Herons bought before the 2020 season for $6 million.
Weiterlesen »
Jim Jordan Has No Regrets for Calling 10-Year-Old Rape Victim’s Abortion a ‘Lie’Rep. Jim Jordan refused to apologize for his since-deleted tweet describing the story of a 10-year-old Ohio rape victim as a “lie,” claiming that he was merely “responding to a headline” and took down the post once the alleged rapist was charged.
Weiterlesen »