I’m 35, have $2.5M saved and own property that brings in $3K/month — am I out of line to think about retiring now?

Retirement might seem like a distant dream for many people, but what if you're only in your mid-30s and already feel financially secure? That's the question one reader asked our expert recently. The individual in question has saved $2.5 million, owns a property that brings in $3,000 per month, and is wondering if it's time to hang up their working hat.

While this might sound like a common fantasy, it's worth noting that retiring at 35 is extremely rare. Typically, people retire between the ages of 65 and 70 after decades of working and paying into Social Security and other retirement funds. So, is our reader out of line for thinking about early retirement?

According to financial experts, there are several factors to consider when determining whether or not you're ready to retire. These include your savings rate, debt levels, inflation, and even your career goals and aspirations. In this case, the individual in question has a substantial amount of savings and a steady source of passive income from their property.

However, it's essential to remember that $2.5 million might not be as far-reaching as you think. With rising costs of living, medical expenses, and other unforeseen circumstances, it's possible that your savings could dwindle faster than expected. Not to mention, you'll need to factor in taxes on any retirement income or investments.

So, should our reader retire now? Maybe. It depends on their individual circumstances and priorities. Perhaps they want to travel the world, pursue a new hobby, or simply enjoy life without the stress of a 9-to-5 job. On the other hand, some people might choose to continue working for personal fulfillment or to maintain their social connections.

For those who do decide to retire early, consider how you'll stay engaged and active in your community. Whether it's volunteering, taking up a new sport, or simply enjoying quality time with loved ones, there are plenty of ways to make the most of this exciting chapter in life.

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Remember, retirement is just the beginning. With careful planning and a clear vision for your future, you can turn your dreams into reality.