How to Retire Early by Age 55
Many people see retirements as a boring aspect of life especially when its was really prepared for and that brings about people falsifying their age and finding ways to elongate their stay at work so as to earn money, make some savings and stay till 60-65 yrs and above at work and i wonder if its possible to retire at age 55yrs.
I noticed that if an individual retires earlier, such person will have time for the family, live good life, eat good food, stay healthy and have fun at will but can the age of 55yrs be a good option for retirement. Yes it is but it must be well planned for. Such ways to plan for retirement at age 55 includes;
1. Invest in Your Children: If you are to have a good and successful retirement from active work at the age of 55, then you need to invest in your children when you are still at work. While you are still working and making money, you need to invest in children by providing them with good education, business, making money ideas and ensuring you love them. Children are the best investment you can ever think off and it pay because it makes you retire early when they are grown and can pay your bills
2. Make some Savings: Another thing to do if you plan to retire by age 55 is to start making savings as early as possible. Expert believes that making saving at young age is the best investment for old age. You could be engaged in different ways of saving money like pension programs, insurance of life saving programs. Even if you retire at that time, you can make do with the savings you've done previously.
3. Budget for Healthcare; People without retirement health care benefits will need to plan for how they will secure health insurance before plan for retirement even at good age like 60. Options include getting coverage under a spouse’s plan or COBRA coverage, which is a continuation of your prior employer’s health plan, usually for a maximum of 36 months and for the full cost of coverage plus a small administrative fee.
4. Invest : If any one plans to retire as early as age 55, then such person should develop a plan on how and ways to invest in business, shares, stocks, real estate etc. Having good investment that brings money later on is a good decision that comes with early retirements. What you need is to start investment your earned money towards the future.
5. Plan for it : Early retirement isn't so easy, it must be planned for and the best plan for such includes
- Live below your means
- Avoid wastage
- Stay happy
- Maintain or have some hobbies
- Start early retirement plan