Early retirement is a word with difference. A number of times we haveÂÂ
daydreamed about bidding the workaday world adieu. Many times, we feelÂÂ
tired of monotonous routine of working 9 to5, 5 days a week. All peopleÂÂ
want to savor the fruits of their labor, enjoy the reward of labor forÂÂ
which they have diligently worked over several years.
It does not need an unexpected windfall to bring early retirement everyÂÂ
time. It is more about a strategically drafted approach, carefulÂÂ
planning and a little bit of sacrifice. The idea of early retirementÂÂ
has held the magical appeal to work slaves from time immemorial but itÂÂ
is the last few decades that it has been converting into a reality.ÂÂ
Earlier there was no thing as retirement. One used to work until hisÂÂ
body allows. Retirement word had a sinister feeling to it like the endÂÂ
of active life of an individual, but now the meaning has changed, withÂÂ
right planning an individual can retire any time when he thinks he hasÂÂ
gained enough financial independence and support.ÂÂ
Now retirement means more time for an individual to things that heÂÂ
always wanted to do but did not have time due to his need to work.ÂÂ
The lure of early retirement is so irresistible that you might be, easilyÂÂ
ensnared before releasing the full implications.
Various issues need to be look on before you take the plunge. EarlyÂÂ
retirement can be enjoyable if you plan ahead of time. To have sufficientÂÂ
money afterwards is a big issue. How long you are expecting to live. YouÂÂ
should be practical in assessing it, as this is the fulcrum of all your
planning.
Assuming you have a life span of 85 years and you retire in late50s/60,ÂÂ
you still have 25-30 years to live. That is a long period to liveÂÂ
without a steady income so plan carefully for early retirement. ConsiderÂÂ
the inflation factor for your calculation as this can reduce your incomeÂÂ
in a dramatically manner.
In addition, you can search for a part time work of your interest ifÂÂ
you feel so as this will not only add to cash inflow but also you remainÂÂ
productively engaged and active thus. In addition, it is a good option toÂÂ
pass your free time more smartly.
However, money itself is not the whole story. Many examples are thereÂÂ
where people has amassed vast sums of money but have fallen prey to illÂÂ
and bad health. So take care of your health too, start an exercise ÂÂ
program, be fit & happy.
Sound health, a group of friends you can count on for companionship and ÂÂ
Assistance in need, warmth in family relationship and engagingÂÂ
activities are basic ingredients of a successful retirement.ÂÂ
ÂÂ
Author is renowned financial planner. Visit his site on
http://www.retirement-information.info/Early-Retirement.html
for excellent information