Retiring by 30 or 40 seems too ambitious a goal, specifically if you are not born rich and do not inherit a large sum. By 20, things become bleaker as you look at your meager paycheck and the nearly empty savings account. So you consider working longer, hoping that the many years in the office provides you enough funds to last through retirement.
According to Gallop.Com, most Americans want to retire at 66, and the current average age of retirees is 62. Many still plan to work longer and earn more. Working until old age has its benefits – health insurance, steady income, and dynamic lifestyle.
It is okay to work until about 60 or older. However, you may become unfit to take up a job by 60 or 70. Health problems arise with old age. Riskier and more physically demanding jobs pose more health issues later on; and even if you do office jobs, you’re still prone to the consequences of a deskbound occupation.
How can you retire early?
Build up an investment that earns good passive income. There are many ways to do this. You can invest in passive trading, buy dividend stocks, rent out properties, engage in peer-to-peer lending, or earn passively online through your website, apps, or ebooks.
Stay product and engage in rewarding hobbies. Early retirement doesn’t have to mean quitting work entirely. If you become inactive, you’re putting your mental and physical health at risk. Even if passive income is more than enough to support you through retirement, do something productive like volunteering or traveling.
If you are married, it helps if your spouse remains working or is helping with the family business. Initially, it may not be financially sound that both of you quit your corporate jobs simultaneously. With one spouse taking a regular job, your family can enjoy company-sponsored health insurance and other benefits.
Retiring early means having more time spent with the family, and lesser time enslaving yourself for some company. A lot of people desire to quit their corporate positions and become entrepreneurs or freelancers to make time for travel, family, self and other more important things.