Jul 21, 2015
Retirement has always been thought of as a time to relax and do nothing at all. Yet it is becoming a time when retirees do more than ever.
Which makes retiring early an excellent idea. But you still require resources. For this, a financial plan must be in place so as to retire early.
So, put pen to paper and run the numbers. Make sure that all the variables such as inflation, taxes and spending patterns are taken into account.
Here are 3 things that you must think of so as to retire early:
1: Live in a Smaller House
A person’s home can be the biggest expense. Retiring with a large mortgage can be an expense that you can do without. So, if you get a smaller home, you might have a relatively smaller (or no mortgage) to shoulder when you retire. This should enable you to leave your day job sooner than you think.
2: Move to a Low-Cost Area
Some places are far more expensive than others. For example, Fairfax, Virginia can be an expensive place to live. So, it makes sense to move to a rural or low-cost area. Some people tend to move to other states such as Tennessee, North and South Carolina or even Florida. Yet before you decide, rent a place in that area for a few months before you decide to set up shop.
3: Work Part-Time If You Must
Finding part-time work which involves something that you like is important. This will also help you bring in part-time income that can help you leave your full-time job sooner than possible. There’s nothing like having a part-time job that is a part of your passions. It keeps you fulfilled.