How to retire before you turn 40

They say life begins at forty, well they are right and what a better way to start life than to choose to retire early and have all the time in the world to enjoy life. You don’t have to wait till you are sixty to bid your employer good bye and be on your own. It can be done,but you have to put up the right plan to achieve that.
In most locations in the world 45 or 55 is considered early retirement but with each day the average age all over the world is increasingly going down with more youth being born. What this means then is that 40 should be the target for early retirement rather than 55.
Here are a few tips on how to retire early
You need to know what it will take.Simply put you need to have enough savings equal about 25 times the amount of income you expect to receive at retirement.
You need to know how long you need for your plan to work. It definitely requires time for you to put something big enough a side. Putting together a realistic timeline will help a great a way.
You should already have started like yesterday. Procrastination they say is the thief of time so starting with what you have now gives you that much needed head start. The longer you save the more you will have.
Spend less and save more. There is need to learn to prioritize your spending only on those things you really need. That holiday, the posh car and big new TV will not help much in your savings plan.
Prepare yourself mentally for exit from work life. It can be very boring to be out there without anything to do. A number of people find themselves depressed due to missing the office life. Make sure this doesn’t happen to you.
Make sure your calculations cater for the family. It’s also imperative to let your family know of your plan because they will be impacted.
Try it out. Assume you have retired and try living on your retirement income for a year to see how that will go. If you manage without a problem then you sure are ready the throw in the towel.

HowKE Team

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