Millions of people dream of the chance to retire early — but is it really possible in today’s economy?

Some people say early retirement has become less feasible thanks to the economic struggles we currently face. Others say it’s actually become more plausible thanks to diverse income options.

Today we’ll look at the factors working against and in favor of people who want to take retirement early.

Early Retirement is Hard — and is it Really Ideal?

Those who have been strategic with their retirement planning may have considered cashing out early. By looking ahead, workers position themselves for a comfortable retirement earlier — or do they?

Inflation has sent the cost of living soaring upward. Those who had money put away may now find that it’s not quite enough to match their expenses. They may also find they’re having to rethink some retirement plans.

Some people view this challenge as a blessing, however. They find that working longer is the better option, and that taking benefits later can actually be a better financial move.

It’s Possible to Retire Early with the Right Approach

While those who seek early retirement have a steep challenge in today’s economy, the goal isn’t impossible to reach. With proper planning, people can save up the money they need and secure their future.

Some people utilize side hustles and supplementary income sources to pad their savings. Others choose to invest, and draw returns they can put away for their later years. Both these approaches are proven to support early retirement goals.

There’s also the prospect of increasing your Social Security benefits. This can be done by the aforementioned retirement delay, but it can also be done in another way. Yearly Cost-of-Living-Adjustments (COLAs) can make a difference in your retirement.

We here at NORA fight for yearly COLAs and reimbursement for years skipped. Whether you want to retire early or not, this is a cause everyone can benefit from. To help us, sign our petition, then follow us on Facebook and Twitter.