Mark Hauser Provides Recommendations for Early Retirement Planning
Mark Hauser believes that preparing for early retirement involves a technical approach. He says that an individual should first ensure that they have a reliable source of income that can sustain them throughout their retirement. Retirement can be for relaxation or feature events such as traveling and other experiences. The private equity principal, Mark Hauser, believes one should work with an accredited financial advisor to achieve a retirement goal.
The financial advisor will develop several plans, including unexpected life events. They will then establish a targeted investment strategy for their early retirement customer; if someone plans to retire before the age of 65, then it’s termed as early retirement. This early retirement timeline is related to the FIRE (Financial Independence, Retire Early) investment strategy.
The FIRE strategy replicates that one should have a solid financial foundation. Mark Hauser uses this model to explain two distinct retirement phases. The first phase is the pre-retirement phase, which demonstrates that one should establish a vision before embarking on an early retirement path. With the image in place, it is easy to determine the finances required in the retirement plan. Mark Hauser says that an early retiree should prioritize pleasurable activities, generate steady income, create passive income streams, ramp up savings, and make a social security plan, among other critical factors.
Mark Hauser also explains the second phase, the early retirement phase. He says an early retiree should bring different recommendations to the forefront. Mark says that spending and managing the income will require ingenuity and discipline. These recommendations include; adhering to spending guidelines and adjusting the expectations for the rate of returns. As an upcoming early retiree, it is vital to lay the groundwork for the next phase of life. With this, one can enjoy their retirement while preserving their resources.