Is it still possible to retire early?

[avp2306]

This is not an easy thing, especially for someone who has many life responsibilities, I think early retirement is not necessary and in fact we should work until whenever we can as long as we are still healthy and can do it and return everything to the work we do, the most important thing is is that we can love our work, especially if we have the intention to help many people from the work we do.

In my opinion, early retirement can only be done by people who have a lot of inheritance and don't have many responsibilities in life because if someone starts from scratch and alone then it is almost impossible for him to retire early and live out the rest of his life.

Yes, according to the OP it sounds easy but I'm sure not many people will be able to do it.

I have seen many people who have planned for retirement even when they are very young, is this really necessary? Not to mention, they are not rich people, they still have to work hard to provide the daily necessities for themselves and their families.

You're right, except for people who inherit a huge fortune or people who have no responsibilities in life, they think about retiring early. But for people who are working hard and struggling with life, they will not rush to think about this.

Easy to say some of the pointers given by OP but actually in real life its so hard to follow that its because there are so many distraction in life.  Even if we know those information still not everyone could able to follow that. But I think if we can't follow it then much better if we just try to increase our  monthly income since for this even if we are can't retire early still we are living a comfortable life since we can eat 3x a day and can able to buy what we want.

Would agree that if they inherit big fortunes then this is possible to happen but for normal people I guess they need to work hard their ass to survive.

But maybe if people could able to invest on real estate and make it as rental property then maybe everything is possible if those properties is generating him an income.

[Doan9269]

I have heard people talk about retiring early and I usually see it as unnecessary. But as I begin to grow older it is beginning to make sense to me. Growing up and education took me like twenty years, and I might work for another thirty-five years. So, it is expected that I will retire at the age of fifty-five.

Retirement is being determined by the nature of the kind of work we do, if you're employed by government and wants to retire, they will subject you to their retirement policy and see to the conditions involved concerning your retirement, first they will see if it was a voluntary retirement or age limit and work experience has made it a fulfilled terms for your retirement to occur, from the other aspect, if you're self employed, you can choose when to retire and how to go about your retirement plan for you to have a sustainable future ahead after old age, however, there are some who got retired either being employed or self employed because of the nature of their health condition due to accident or some other health challenges, in which by this regards, we may not choose to retire at the desired stage or age because of the factors inclusove on the conditions for such retirement.

[mindrust]

Depends on your monthly savings. If you own a business or working in a high salary job, yes it is possible. Also mind that you don’t necessarily have to get retired in your home country. The world offers lots of other places that are suitable for retired people. For example many US citizens live their retirement life in the Philippines. It is because the Philippines is cheap compared to the US.

Just save whatever you can while you are young and eventually you will be sitting on a pile of assets which will be enough to keep you alive for decades.

[btc78]

Yes but it requires really strict when it comes to your finances and there's this one person that I've heard talk about it where she retired at 30

I’m curious to find more about this person. Retiring at 30 is uncommon. That’s still pretty young and a lot of people would probably still be paying off their student loans by that time.

The only reasons I can think of why a person can retire at such age are:

1. Being born rich
When you had to work your way up, it is a long process and it wouldn’t be easy. Let’s say this person finished college at 22 years old, working for just 8 years would that have given her enough money to live for the rest of her life without working? Unless of course she already has some trust fund or some money from her parents.

2. Miraculously, landing a job that pays a fortune
I can’t think of a job that could pay you millions and millions that you can only work at for a few years and can already retire after that. No matter how thrifty you get, you would still need to live and pay some expenses. Money is temporary.

Anyway she is young and most likely she will delve into other industries or interests of hers even if it’s not necessarily for money.

[martinex]

But maybe if people could able to invest on real estate and make it as rental property then maybe everything is possible if those properties is generating him an income.

Talking about early retirement, of course there is a bigger target being planned, apart from that, there are also other types of businesses which, if carried out within a period of 6 years, will produce profits that are greater than the salary you receive. will receive the remaining or maximum work limit. Let's say he is an employee with a productive working age limit of 65 years.

If he retires at the age of 45 and takes care of the planned activities, for example opening new agricultural land, for example, planting Musang King durian in just 6 years, if the harvest is well cared for it will bear fruit and the farmer is 51 years old, he still has some left over. Another 14 years and he can enjoy the results of his plantation instead of having to work for the government and the farmer can get early retirement funds from the government as well as profits from durian farming.

[adiksau0414]

It is possible to happen. Though all the planning and investing is one of the factor to consider here. Mostly in the first world country, people can have their early retirement due to their economic advantages, sadly to say for us belongs to the 3rd world country, one possible option is really to invest in different investments, meticulous planning, consistent approach to goal and study more to gain more knowledge how to manage the money effectively. We have our own, investments are not a hype in our country, a very few are willing to invest. As long my countrymen eat 3 times a day, we are ahappy about it, even doing the 9-5 job till our retirement age.

[tabas]

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

It's still possible but as you've said, it is a choice for everyone. While obviously the rich can do this without any problem, they're the only category and status of life that can do this. But let's get the example of true and genuine wealthiest people in the world. Despite that they can retire all of their lives, they never stop working. As if working is already part of their routine and they can't live a day if they don't have a work to do. But the retirement that they are trying to enjoy is with little stress and work that are assigned to them. So, getting that example from them, we can retire in a manner that we still have grit, hustles, investments and businesses that we can generate source of income because we can't just depend on retirement plans and pensions due to inflation rate.

[God bless u]

I have heard people talk about retiring early and I usually see it as unnecessary. But as I begin to grow older it is beginning to make sense to me. Growing up and education took me like twenty years, and I might work for another thirty-five years. So, it is expected that I will retire at the age of fifty-five.

Now it is important to note that the desire to retire early is personal because some people don't want to rest early. I just think I need to have some time to do this. I am passionate about, and in some cases, most of them are not for profit making. I also need time to explore books and learn about many things. I desire to rear domestic animals and plant some crops. I just want to be free from this rat race and modern-day slavery. Life is too short to be wasted only on work.

But with the economic condition of some countries, people are scared of retirement. Retirement benefits can hardly feed a family for two years because of inflation. Before, now retirement benefits could sustain a family for up to ten years if it was well managed. But this is not the case today. It is common to see retirees still working actively to survive. Seeing elderly men engaging in energy-consuming jobs because of harsh economic conditions is always painful.

Regardless of these economic woes I still believe that there are still ways to retire early. I have considered a few steps on how to plan for early retirement. They are not new but I wanted to remind us.

-Budgeting: If you don't have a good financial plan you better consider having one. It helps you to know when to reduce or increase your income and expenditure. Recently we had to cut the cost of buying imported cereals and replacing them with cheaper locally produced ones. We had to start spending money on a keyboard teacher because the children needed to learn music. It is not a basic need but we have to make provision for it. Budgeting will help you spend within your means.

- Saving: It is very difficult to save money in this period of economic breakdown. What you earn is not even enough to cover the cost of your needs, so having extra is not just possible. You might not be able to save a huge amount monthly but just try and save a little. I was saving $10 monthly from my salary, and I continuously did it for about two years. You might say I just saved $240, but the truth is is at least I have a backup fund. So from that, you have little income, no matter how small, keep saving some.

-Alternative sources of income: In some countries, getting a job is a big problem, so you can hardly get more than one job. The economy is also affecting businesses negatively, many firms in my country have gone bankrupt. Going back to school to get a relevant qualification, which has a high tendency to give you a job with a higher pay, is good. Learning a new skill that can help you meet a need in your location is also fine. Starting a business with available funds can bring profits. The point I am making is that you should use any available opportunity you have for another income source. But this is not an excuse to overwork yourself; your total well-being is more important.

-Investment: If you are considering early retirement, then you should have a system that brings money even when you are not working. Some people have built that will give them money for as long as they live. I know of many people whose income from their farms can sustain them for like. Some people were able to own properties that they rented and make money. Some persons have shares, patents, or royalties in some profitable organization. People will always say the forum promotes Bitcoin but the currency is another good investment. One can add Bitcoin hodling to his retirement plan because it is profitable.

-Healthy Living: Many retirees spend their savings on medical bills. Sometimes, these illnesses are unpredictable, but we should also do our best to prevent them. We should eat healthy, avoid harmful practices that endanger our health, exercise, and rest. A healthy retiree greatly enjoys his retirement life because he is strong and spends less.

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

  Yes you can retire easily if you are very good at management.  But it requires a lot of efforts, hardwork and devotion to your work not everyone can do that.

I think it's same to sole extent that you sacrifice your wishes at young age and it will benefit you at old age or you enjoy your young age and then you'll suffer a bit at the old age. By both techniques you will suffer a little and now you have to choose which part of your life you want to sacrifice a little.

[mamesso]

A person who chooses to retire early has personal reasons why this decision was made, there are various considerations before making a decision, but this is still the best thing for him and his future. Usually, what I often encounter in real life is someone who chooses to retire early because they have other levels of business that take up more of their time.

The income earned from personal business with the salary earned at the job one has been working on is a very realistic comparison, most people will try to find a bigger income in their own way in order to build a better economy. Every month's income must always be accumulated with total expenses. If you feel that the income from your personal business is greater than the salary you earn as a private or government employee, then early retirement is the best decision.

[TheUltraElite]

To me it is more like a dream that will never get fulfilled.

If you love what you do, you will continue to develop on it and reach new highs without thinking of retiring. But eventually as age catches up, you might slow and and in another way, retire by handing the baton over to the next generation.

But we can always inculcate the good values which include saving, budgeting and cutting down on unnecessary things. We should keep our long term goals intact and not get distracted.

[tsaroz]

I plan to retire at the age of 41. I entered my job at 21 and have a generous retirement plan that would mature in 20 years. The pension at that time would barely cover my expenses but I hope to have success with my crypto and stocks investment. I also plan to have a profit generating real estate. Housing and apartment renting might not be a good idea for future but a hotel or restaurant business might still be an attractive investment. I'm fond of restaurant and plan to open one just as a hobby.
It's a trend these days to retire early, people want to live their life as they desire and don't want to stick to 9-5 schedule. Even if it means you need to compromise. But with right investment plans, you can live without compromise.

[aylabadia05]

<snip>

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

Early retirement preparation by prioritizing the five points is good, but most people are still not ready to step into it because the economy is still in the lower middle class or the level of economic difficulties has not yet fully found a solution in the midst of the country's condition.
I agree with all of this and you are right that early retirement is an option, but I have not been able and ready to make that choice because of economic factors that are still like most people who live their lives out there.

[DeathAngel]

It can still possible to retire early. Achieving early retirement requires careful financial planning & disciplined saving & investing. It means making smart choices with money like living below your means, minimising debt & maximising savings & investments. It may involve reducing expenses & increasing income through side hustles or other streams of income but early retirement is a realistic goal for those who are willing to make sacrifices, prioritise financial independence & consistently work towards their retirement goals.

[Lanatsa]

To be honest, I have never thought about the prospect of retiring and at what age I would retire. Because I realize that with the current life when we encounter countless difficulties, I don't think I will be able to retire to enjoy my old age. Every time I think about my family, especially my children's future, I don't dare think about retirement. Life is increasingly harsh, raising them and providing their daily necessities is also sapping my strength, and if I stop they will have to live the rest of their lives full of difficulties. Not to mention, with an increasingly polluted world, increasing illnesses and I also have to prepare for my parents to grow old...there are too many things to worry about and I no longer dare to think about my retirement scenario. Retirement is a luxury that I have never dared to think about.

Maybe back then, we had a target age for when to retire, but with what is happening now in our country where there are many changes and stable sources of income are needed to live, it seems that you really don't want to think about retirement, and even those who are riches owner of a company will still work even though they are at retirement age, have we thought about why? because for them, as long as their body and mind can do it, they will continue doing it because nothing is permanent in the world, something can be lost in just one snap, so in preparation they are not complacent, especially now that it seems like every year there is a change in expenses and lifestyle of our life so it's better that we enjoy the time while we work so that we don't think that our life is just wasted on working and saving money, learn how to balance our life and work.

There would really be that having two possible scenarions;

1. Early retirement- Optional
2. Retirement- 25 years in service or reached up 60 age.

Here in our country, you wont really be able to go further if you do able to have that in service or having on duty specially on being a policeman on where it is really having that maximum of 25 years
in service and after that then you would really be that retired in regardless on what your age on that time. This is why you could really be able to see that there are ones who are still that not too old
but had already retired into their jobs.

For those people who do make with those optionals are to those people who do able to achieve success into their investment or business on which they do believe that
even if they would really be retiring from their job, they would really be that still be able to survive or sustain on which its really something that could really be happening to someone.
This is why it would really be something that will really be situation on this kind of manner.

[bangjoe]

It can still possible to retire early. Achieving early retirement requires careful financial planning & disciplined saving & investing. It means making smart choices with money like living below your means, minimising debt & maximising savings & investments. It may involve reducing expenses & increasing income through side hustles or other streams of income but early retirement is a realistic goal for those who are willing to make sacrifices, prioritise financial independence & consistently work towards their retirement goals.

Yes it is true that we can still seek early retirement, but before the stage that this you must do we need to raise income first as a cash flow fund, because if this plan is to be achieved the flow of funds is very important for a smooth and accelerated target of money as the next life support and we can claim ourselves that we can be in an early retirement position.

Because investing without a large cash flow and clear money management has big money will be very difficult to achieve, so the main focus first is to have many sources of income as a means or a way to achieve early retirement.

[Fortify]

I have heard people talk about retiring early and I usually see it as unnecessary. But as I begin to grow older it is beginning to make sense to me. Growing up and education took me like twenty years, and I might work for another thirty-five years. So, it is expected that I will retire at the age of fifty-five.

Now it is important to note that the desire to retire early is personal because some people don't want to rest early. I just think I need to have some time to do this. I am passionate about, and in some cases, most of them are not for profit making. I also need time to explore books and learn about many things. I desire to rear domestic animals and plant some crops. I just want to be free from this rat race and modern-day slavery. Life is too short to be wasted only on work.

But with the economic condition of some countries, people are scared of retirement. Retirement benefits can hardly feed a family for two years because of inflation. Before, now retirement benefits could sustain a family for up to ten years if it was well managed. But this is not the case today. It is common to see retirees still working actively to survive. Seeing elderly men engaging in energy-consuming jobs because of harsh economic conditions is always painful.

Regardless of these economic woes I still believe that there are still ways to retire early. I have considered a few steps on how to plan for early retirement. They are not new but I wanted to remind us.

-Budgeting: If you don't have a good financial plan you better consider having one. It helps you to know when to reduce or increase your income and expenditure. Recently we had to cut the cost of buying imported cereals and replacing them with cheaper locally produced ones. We had to start spending money on a keyboard teacher because the children needed to learn music. It is not a basic need but we have to make provision for it. Budgeting will help you spend within your means.

- Saving: It is very difficult to save money in this period of economic breakdown. What you earn is not even enough to cover the cost of your needs, so having extra is not just possible. You might not be able to save a huge amount monthly but just try and save a little. I was saving $10 monthly from my salary, and I continuously did it for about two years. You might say I just saved $240, but the truth is is at least I have a backup fund. So from that, you have little income, no matter how small, keep saving some.

-Alternative sources of income: In some countries, getting a job is a big problem, so you can hardly get more than one job. The economy is also affecting businesses negatively, many firms in my country have gone bankrupt. Going back to school to get a relevant qualification, which has a high tendency to give you a job with a higher pay, is good. Learning a new skill that can help you meet a need in your location is also fine. Starting a business with available funds can bring profits. The point I am making is that you should use any available opportunity you have for another income source. But this is not an excuse to overwork yourself; your total well-being is more important.

-Investment: If you are considering early retirement, then you should have a system that brings money even when you are not working. Some people have built that will give them money for as long as they live. I know of many people whose income from their farms can sustain them for like. Some people were able to own properties that they rented and make money. Some persons have shares, patents, or royalties in some profitable organization. People will always say the forum promotes Bitcoin but the currency is another good investment. One can add Bitcoin hodling to his retirement plan because it is profitable.

-Healthy Living: Many retirees spend their savings on medical bills. Sometimes, these illnesses are unpredictable, but we should also do our best to prevent them. We should eat healthy, avoid harmful practices that endanger our health, exercise, and rest. A healthy retiree greatly enjoys his retirement life because he is strong and spends less.

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

It is definitely possible to retire early with a slightly above average wage and an entrepreneurial hustler mentality. There can be so many money making opportunities out there, but it requires jumping on the opportunity while it's there - sometimes it can disappear quickly. Lots of people work really hard and then fritter away money very quickly - either by overpaying for goods, doing things like buying delivery food every night which is super expensive or buying big ticket items which leaves them with nothing to spare. If you build up an investment portfolio over decades, it can be possible to retire in your 40's or 50's with proper focus.

[Wonder Work]

Retirement never crossed my mind, but I must retire. We have never thought about these things the way we think about family or the way we think about it. A day goes by, and we face a difficult life, overcoming our problems, but life will not go like this. We have to retire, but we dare not think about it.
Meanwhile, my parents are getting old, and I never thought I would retire. When you think about all the family members, life goes on like this, but the days pass, and the body's strength decreases. That's why I am preparing from now on how to spend the days after retirement well. That's why I'm trying to save. It will gradually become helpful in my life.

[Renampun]

Depends on your monthly savings. If you own a business or working in a high salary job, yes it is possible. Also mind that you don’t necessarily have to get retired in your home country. The world offers lots of other places that are suitable for retired people. For example many US citizens live their retirement life in the Philippines. It is because the Philippines is cheap compared to the US.

Just save whatever you can while you are young and eventually you will be sitting on a pile of assets which will be enough to keep you alive for decades.

This trend is actually happening in our country too, many retirees from the west end up living here because the cost of living is cheaper and there are also many interesting vacation spots here, just imagine with only $100 you can survive for a month here (already including the cost of renting a house and food), I admit that those from western countries are very lucky because they get a pension that can be used to survive in a country where the cost of living is cheap, in contrast to those from poor or developing countries. I think make your current job something you like and can guide your life in the future so that you don't have thoughts of retiring early.

[goaldigger]

It’s possible but you must be more prepared for this because retirement is not just about having money, retirement means doing the things that you want and if you’re ready for that, challenges might still be there. I also want to retire early, but my family depends on me so I think I want to save more not just for my own retirement but also for my family so I can still support them even if I’m no longer active in working. Having a good financial status can be a big help, make sure to plan everything before you retire.

[Mate2237]

I thought you not the worker set out his retirement time but the employer. And all countries government have their retirement date for all their workers. And that is why those who joined the civil service work retired late in the old age. Those who joined late sometimes work till at the age of 70s but normally I'm my country retirement age is 65 years. Because at time your not smart again so you are to rest and receive your retirement benefits at home. And they was a time the government was planning to reduce the years and I don't k ow if they have reduced it to 55 years because I am not part of them so I won't know.

You can only spelled out your retirement age if you are self-employed and not working for anyone because the person must have a say over you.