5 things you need to do to enjoy an early retirement
Synopsis
Early retirement from 24X7 life consuming jobs can be a reality only if you put your mind to it With some careful planning, some rigorous self control, enjoying the fruits of your labour before 50 is possible We give you 5 things you need to keep in mind if you want to take an early retirement
You may ask then why are we investing in retirement funds and when will we use the pension? My friends, that can be additional saving if only we do some cuts and checks while we still can. The result, relief from the drudgery of a corporate job, time enough to pursue your unfulfilled dreams, and money enough to see you through comfortably.
Begin your retirement early
Yes, you heard. You are planning on early retirement then ‘work’ towards it. Look for jobs, gigs, contract jobs that help you leave the confines of the office cubicles or allow you room for travel. Take up freelancing heavily and in this way ease into your retirement. If you think this is too much of a risk, try convincing your bosses for sabbaticals. In this way you will still be earning your salary as well as following your dreams.
Pay off your loans
It includes your education, home, car or any other big loan you need to pay off. It is always better to be stress-free in your retirement period.
Lifestyle changes
Naturally if you would be aware that your income making power will reduce once you ease into early retirement and with all these loans and all, money will flow out rather than in. There is a way to correct that. A gradual shift in lifestyle. Get rid of the costs that are tying you down, move closer to office, save transport money, get a hold of your purse and use it sparingly. Once you whittle down your unnecessary expenses (expensive food, gadgets, clothes etc) you will find the life you lead to be comfortable and all this money saved rests for your retirement days. Look for low cost alternatives and in case you are comfortable, cheap as well.
Save
The whole essence of the story rests on this one thing. How much are you willing to save? The more frugal you act now, the more money you will have to enjoy in your retirement now. Today’s sacrifices will bring great comfort in the near future. Saving would mean no depending on your pension to come through and no dependence on your parents for money when you do plan to retire early.
Invest
The next magic word is Invest. Save and invest. Use the multiple avenues available and do not put all your funds into one place.