Retirement is no longer just for the old! More and more people are retiring in their fifties. People are now investing in their retirement earlier and earlier. Retirement is no longer about sitting in that armchair, watching the world go by. Retirement is now about excitement and adventure. You could be escaping to that private island, or traveling the world in your own private yacht. We should dream big for our retirement. However, we also need to start planning now for that dream retirement lifestyle. What should we be doing now so that we can retire in our fifties?
Have A Plan
We want to make sure we that are able to retire early in life. We don’t want to finish work one week and find that we need senior care the next week. We want to be able to enjoy our retirement in style. We need to set our retirement budget now. We should sit down and work out what our expenses will look like after retirement. We also need to work out our retirement income. How much will our pension bring in? Will we have any other sources of income? We need to work out what our plans for our retirement are. Do we want to travel the world? Live abroad? We need to set a specific goal and start saving for it.
Develop Another Income Stream
Look into other ways of bringing in an income. We don’t want to just rely on our main job. Could you invest in property? Rent out a room? Set up an online business? This additional income will allow you to build your savings quicker. You could also keep this additional income stream going when you retire. That way you will still still have a regular income coming in as well as your pension.
Do you want to retire abroad and live somewhere hot? If you are clever then you could retire somewhere that allows you to live the lifestyle of your dreams. With some research you could find the place of your dreams and at half the cost. You could be living a champagne lifestyle on a lemonade budget! Money Talks has an article on the places where you can “live comfortably on just Social Security payments”
Build Those Savings
We want to be saving as much as possible. Having savings behind you will give you real peace of mind. Look at where you can cut your expenses and as a result start building those savings quickly. Look into how you can spend less. Cancel the gym membership and exercise outside. Look at your cable package. Do you really need all of those channels? You need to change your mindset if you are to start saving. Don’t view those things that you are giving up as a sacrifice. Instead you should view them as ways of saving for your future . This is you carving out your dream life. You need to tell yourself that you don’t need to go out every week for drinks. Invite your friends back to yours. Champagne tastes just as nice at home.
You are the only person holding yourself back from the retirement of your dreams. Get planning now for your perfect retirement.