It is possible to retire young people?
For some workers in the public sector, the answer would be “of course”, you can retire young.
People working in local and provincial governments tend to retire at a younger age than most other workers. Why? Well, they are our police, firefighters and public administrators. And they usually have what is a defined benefit plan, a pension created by their employer to save money for retirement when they called.
Over the past 30 some years, many local officials have the advantage of deferred compensation (457) or a defined contribution (401) plan sponsors and their employer allows them to pre-tax dollars to save – building potential retirement savings.
So what does it mean to retire young? This means that many in the public often can not afford to retire in their 40s or 50s, because of pension and retirement savings of their extra 457 or 401 plan, and the combination, hopefully has borne fruit. Are you a public employee who retired “young?” On vacation is part of your retirement plans? If you are not yet retired, you save in your 457 plan to supplement your pension? If not, why not? Your first hand experience is invaluable.