Sept. 24, 2007 issue - When you turn 50, it's more than an embarrassing birthday. It's the outer door to retirement, whether you know it or not. Some people save for years so they can retire early (55 is a favorite age). Others have retirement thrust upon them: they're fired, their health breaks down or they have to take care of an ailing spouse. Of those 60 to 65, a mere 33 percent still work at their primary jobs full time, according to the Employee Benefit Research Institute. Joanna Rotenberg of the consulting firm McKinsey & Co. says that 40 percent of retirees are forced to leave work earlier than they'd planned—ready or not. The average retirement age is currently 57.

Planning Ahead: Kamal Kardosh, 60, saved money ferociously and now can maintain his comfortable standard of living. Photo: Erin Patrice O'Brien for Newsweek 

To retire early—by choice and with enough money to last for life—takes planning that stretches back into your 40s and 30s. As a template, take Kamal Kardosh, 60, of Monmouth Junction, N.J., who accepted an early-retirement package from Unilever last July. Kardosh, a ferocious saver, asked planner Ken Weingarten of Lawrenceville, N.J., to manage his money and help prepare an escape route for himself and his wife, Pam, a nurse. They did it by the book: first, working out their likely retirement income from two pensions, Pam's current part-time job and their investments; then creating an estimated annual budget, covering basic expenses, future new-car purchases, college tuition for their son, travel and other costs. It appears that the Kardoshes won't have to cut their spending. They're keeping on track by following a written plan.

Then there's Avery Leavitt, 64, of Grants Pass, Ore. Once a top salesperson for K. Hovnanian Homes, he lost his job in 2005 when sales slowed. His wife, Felicia, 49, sells exotic mortgages to loan brokers, a business that's in trouble, too. Avery has emphysema and other ailments but says it never slowed his work. "I don't feel that I'm 60," he says. "When I look in the mirror I see someone 30"—and at 30, who thinks about retirement? They have two IRAs but didn't save enough in the years when they earned six-figure salaries. He filed an age- and disability-discrimination lawsuit, which is currently in arbitration, says his attorney Robert Ottinger of New York City. "It's been hard," Leavitt says. K. Hovnanian declined to comment.

If you jumped or were pushed, which of these two stories would mirror your own? To figure it out, run, do not walk, to a financial planner. Ideally, skip the planners who sell financial products. They lean toward putting you into high-commission investments whose costs will reduce your future gains. Instead, look for "fee only" planners who charge just for their services and advice. They'll help you set goals, forecast your income and expenses, decide whether to sell your house, plan for long-term care and choose suitable, low-cost investments. Two places to look for fee-only planners: garrettplanningnetwork.com and the National Association of Personal Financial Advisors at napfa.org. If you want to work up a budget yourself before seeing a planner, a good choice would be the retirement tools at troweprice.com.