How early retirement translates for the everyman

By Ben Luthi

For the Deseret News

Published: Wednesday, April 30 2014 10:15 a.m. MDT

Granted, the math can be scaled for any amount of income, and I even read an inspiring story recently of a couple with 13 kids on a single income who were able to finally start putting away money into retirement accounts at age 40 and are planning to retire at 62. But other factors in play can make it more difficult to reach those higher saving rates.

Similarly, the idea of recurrent mini-retirements seems a little far-fetched for the everyman and everywoman who have dependents and obligations that would make it irresponsible to run off and travel the world for months at a time. But rather than simply dismissing the idea as preposterous, take it as an opportunity to recognize that you don’t have to be stuck in the same mold that has been the norm.

Remember your future

It would be overly optimistic to think that everyone can retire after just nine years of working or establish a career allowing one to take periodic sabbaticals. However, it would be ridiculous to let pessimism about it stop you from setting goals of your own. It can be difficult to find a balance between enjoying the present while building a prosperous future, but when people start shouting that you only live once, they often forget that their future belongs to that life as well. Don’t manage your finances in a way that your 65-year-old self will hate you for.

Ben Luthi is a personal finance blogger and banker who blogs regularly at The Wealth Gospel. He graduated from Brigham Young University in 2012 with a Bachelor’s degree in Finance and currently resides in Arkansas with his wife, Kilee.

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