“How can I retire early?” is the question that is on the mind of millions of people. There is no easy answer to this question.
However, it must be said that an individual who wants an early retirement should plan carefully. It is important to have enough money set aside for retirement.
A good pension plan and proper investments can also enable one to retire when he or she would like to. Following are some things that a person can do in order to retire while still relatively young.
Saving Money
Saving money is an important part of an early retirement plan. An individual planning for an early retirement should have sufficient money to fall back on. This can be done by setting aside a set percentage every month. Many financial experts advise people to set aside ten percent of all their income in a savings account. A person who is wondering “can I retire early?” should set aside more than this.
Pinching Pennies
Pinching pennies is neither fun nor enjoyable. However, it is in large part the answer to the question “can I retire early?”. A person will need to save up a significant amount of money for an early retirement. Saving up a sizable amount of money requires some sacrifices. One may need to plan for more stay at home vacations, eat out less and buy secondhand clothing and household items instead of new ones.
Move Abroad
A person who is wondering “can I retire early?” may want to seriously consider moving to a country with a lower cost of living. Many retirees, old and young, are opting to move to another country in order to save money. Popular retirement countries include Mexico, Panama and Thailand. These countries have high quality medical care at low prices, low cost of living and low cost of housing.
However, some popular retirement destinations abroad have laws regarding how much money one must have in his or her account in order to obtain a retirement visa. A person who is wondering if they can retire early if they move abroad should look up the visa requirements for his or her chosen destination.
Investing Money
Investing money provides one with a steady source of income. There are many avenues for investing money. Fixed annuities are relatively safe, although they may not provide one with the full sum of money that he or she would need. Investing in the stock market and/or the Forex market can be a good way to make extra money. However, such investments should be made carefully as it is also possible to lose a lot of money by making one or more bad choices.
The answer to the question “can I retire early?” is that it depends on many factors. An individual should determine how much he or she will need for retirement, taking inflation into account. One should then set aside a sizable portion of his or her income on a regular basis. An individual who plans properly can retire while still relatively young and have more time to enjoy life.
 
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