Over the last couple of weeks I published several articles about financial planning and documenting everything. I incorporated this information (and added more detail, background, examples and images) into a document (PDF) I now call, "Preparing for Early Retirement; A Financial Planning Guide."
The guide is an eighteen-page document that will help anyone interested in possibly retiring early. There are also other recommendations, considerations and tips to help you prepare for the future.
Throughout the guide I relate some personal experiences that my wife and I went through while working this process. In the Background section, I explained "Twenty-three years ago, when my wife and I realized that my career might be cut short because of Kennedy's Disease, we developed our financial plan using the process shown below. It was a wakeup call. We discovered that based upon our current situation (savings, employee benefits, etc.), we would not be able to retire early unless something changed dramatically. Within a year, I had changed companies. The new company offered a pension, 401K, disability insurance, stock options, as well as other benefits. Seventeen years later we retired debt-free after exceeding our retirement goals."
About the KDA 3
Overview of the Financial Planning Process 5
The Seven-Step Financial Planning Process 7
1. Evaluate 7
2. Analyze 10
3. Establish a Target and Goal 12
5. Measure Performance 13
6. Review Results 13
7. Adjust the Plan. 13
Other Planning Considerations 15
1. Document Everything 15
2. Short and Long-Term Disability Insurance 17
3. When to begin discussions with your company 18