If you've been dreaming of the day you'll leave the office behind to engage in all those other activities you never seem to have time for, MagnifyMoney has a list for you: the best places for early retirement.

Citing the rise of the Financial Independence and Retiring Early movement, also known as FIRE, MagnifyMoney points out that retirees adopting the FIRE goal of retiring in their 40s or 50s, even before the early retirement age of 62, have to engage in some pretty strenuous savings.

After all, chucking the workplace that young means having to live off savings for quite some time—such young retirees can't look for Social Security for years to come, and if they raid their 401(k) or IRA savings, they'll pay for it—in taxes and penalties.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.