How To Retire When You Actually Want To



Posted on: 2nd October 2015

Regardless of what kind of age a person may be, chances are they will already have some idea in their head of the kind of age at which they would like to retire.  The average may be 65 years old, but for vast swathes of the population the dream is to give up work considerably earlier and take things easy from a younger age.

Of course this is not always possible for financial reasons as it is one thing to retire early but another thing entirely to retire early with enough money to survive. So for those who have every intention of retiring early but intend to be wholly realistic when it comes to their financial situations, what kinds of tips do the experts offer? 

1 – Think About Your Lifestyle

The first and most important step in the process is that of thinking carefully and realistically about the lifestyle you intend to pursue upon retirement. The reason being that there is a very big difference between a retiree looking for a quiet life in an affordable village somewhere and a second retiree who intends to relocate to the south of France and spend every winter traveling the world. You need to determine exactly what kind of retirement you would like before you can put any kind of steps into motion to make it happen.

2 – Determine Expenses

Of course the reason you are thinking about your lifestyle is as a means by which to determine exactly how much money you will need to facilitate it. Suffice to say this is not an easy job and will take quite some time with pen, paper and perhaps the advice of an expert. Don’t assume for one second you will get away with rough estimates or guesswork – you need to be surprisingly accurate. Just as soon as you know how much money you will need to retire, you have a target to work towards.

3 – Get Saving

It’s probably becoming clear by this stage that most of the advice comes down to simple common sense above everything else. As such, it should come as no surprise to learn that one of the most important tips of all is that of the economising – as in minimising expenses and cutting costs as much as possible in order to reduce outgoings. Quite simply, there is no more important time in life to acknowledge the fact that every single penny saved can and will represent a penny earned during your retirement.

4 – Make More Money

You might be looking to slow things down, but in the interests of being able to quit work entirely at the age you wish to retire, you should make every effort to make as much additional money as you can when you have the opportunity. From working extra hours to taking on a second job and right through to selling off possessions or even downsizing your property, anything you can do to stuff a little extra money into your coffers will benefit your early retirement plans.

5 – Consider Investment Options

Last but not least, diving into any kind of investment opportunities without fully knowing what you are doing is a terrible idea at any time of life. Nevertheless, there are fantastic and potentially rewarding investment opportunities to be investigated and considered even with only the most modest of budgets available – speak to an independent financial adviser for guidance on which investment options make the most sense given your own current circumstances.