Question: Dan in Independence: I’ve always dreamed of retiring early (maybe at age 55, so in about five years), but how will I know if I’m actually ready?

A: Quite honestly, you need to be answering a lot of the same questions that pre-retirees who aren’t retiring early also need to answer. But in your case, since your retirement will theoretically last longer, you need to ensure you’re accounting for this extended time horizon.

For instance, anyone who’s planning to retire needs to make sure their savings and investments will create a sustainable income stream that can replace their paycheck. In the case of someone retiring at age 65, their money needs to last about 25 years or so. But if you retire early? Your money needs to be able to produce an income stream that can span, say, 35 years or more. (And remember, you won’t be able to start claiming Social Security until at least age 62.) Have you crunched all these numbers yet? And even more importantly, can you access any of your money without penalty since you’ll be younger than 59 ½?

Also, in most cases, we recommend retirees strive to retire debt-free. Because any sort of mortgage payment, credit card debt, or car loan is a drain on your retirement budget. And as we just pointed out, since your money needs to last longer than usual, you don’t want to put any unnecessary strain on it. So, are you on track to be debt-free by age 55?

And what about healthcare? Medicare doesn’t kick-in until age 65, so what will you do for coverage during that 10-year gap? Perhaps your employer will still cover you, but if not, have you priced out (and can you afford) the monthly premiums through Kentucky’s healthcare exchange or through private insurance?

Plus, let’s not forget about the non-financial considerations you need think about as well. Because while it’s obviously critical to be financially prepared to leave the workforce early, you also want to be mentally and emotionally ready. So you should ask yourself what you’ll do with all your time. Will you be able to re-focus your effort and energy on something else that provides purpose to your life? If not, you might come to regret having too much time on your hands.

Here’s the Allworth Advice: Sit down with a fiduciary financial advisor to work through all the financial components. And meanwhile, also make it a priority to figure out a lifestyle plan.

Q: F.S. in Oakley: Quick rant – I noticed that credit card users are sometimes charged more than people who use cash. Especially at gas stations and restaurants. Doesn’t seem fair! Is this even legal?

A: As a reminder, we are not lawyers. However, according to the research we’ve done, yes, this tactic of a ‘cash discount’ is completely legal (note: this is different than implementing a credit card ‘surcharge,’ which is not legal in some states). Because a business must pay a processing fee for every credit card payment, a cash discount is a way to incentivize customers to use cash, thereby helping the business avoid paying the fees. If a cash discount is offered, it must be offered to all customers without discrimination and must be clearly conveyed. We know that many people no longer carry cash these days. However, the Allworth Advice is that it could be beneficial to always keep a bill or two in your wallet or car for specific situations just like this. That way, if the cash discount is significant enough in your eyes, you’ll at least have the option to take advantage.

Every week, Allworth Financial’s Amy Wagner and Steve Sprovach answer your questions. If you, a friend, or someone in your family has a money issue or problem, feel free to send those questions to yourmoney@enquirer.com.

Responses are for informational purposes only and individuals should consider whether any general recommendation in these responses is suitable for their particular circumstances based on investment objectives, financial situation and needs. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional adviser of his/her choosing, including a tax adviser and/or attorney. Retirement planning services offered through Allworth Financial, an SEC Registered Investment Advisor. Securities offered through AW Securities, a Registered Broker/Dealer, member FINRA/SIPC. Visit allworthfinancial.com or call 513-469-7500.

This article originally appeared on Cincinnati Enquirer: Allworth Advice:Am I ready to retire early