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With careful saving and consistent investing, its absolutely possible, Luk said.
Here are four steps you might take now to retire earlyon an average salary.
Estimate how much you may need for retirement by walking through your major expenses.
Luk also recommended building a buffer in case of emergencies or federal economic policies.
For example, dont assume Social Security may be available to you, Luk said.
Assume health costs will be more than you may think.
Finally, pay off medium or high-interest debt as soon as possible.
A long life means the assets must last longer, Tyler said.
A long life with health concerns could cause some very large hospital bills near the end of life.
Caregiving costs at the end of life often catch many families off-guard, Luk said.
However,long-term care insurancemay help reduce the financial impact of that when the time comes.
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