Is it still possible to retire early?

[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.

There are people retiring early every day, however they are a very narrow minority as you might expect. I've encountered many people over the years and it does feel like the older generations currently have the best of it all. It's partly because they've been working their whole lives and partly because the system is swayed towards them, as it's an easy way for the government in power to buy votes - just appease the old people and they've got a lot more free time to vote for you. I also see a lot of frivolous behavior by all generations, chasing a new iphone every year and spending thousands on similar tech, when their old phone was perfectly capable, and then they wonder why they have nothing left when all bills have been paid at the end of the month.

[wtsimis]

Early retirement is definitely possible with some careful planning and some strategies in life. With disciplined savings, careful planning and smart investments, you can retire very young. Focusing on investing in the right places with your goal of frugality and smart saving will help you in retirement. By managing life consistently through the deceased and paying off debt, you can plan for retirement. Investments should be placed in such a way that even after you retire, you have the potential to earn money from that investment and continue to earn money. Which does not create any difficulty in living your life even after retirement.

[Mr.sprin]

Early retirement is definitely possible with some careful planning and some strategies in life. With disciplined savings, careful planning and smart investments, you can retire very young. Focusing on investing in the right places with your goal of frugality and smart saving will help you in retirement. By managing life consistently through the deceased and paying off debt, you can plan for retirement. Investments should be placed in such a way that even after you retire, you have the potential to earn money from that investment and continue to earn money. Which does not create any difficulty in living your life even after retirement.

Choosing a path to retire is not easy, because we have to prepare carefully to live life in the future, from daily needs to monthly needs, and have to prepare for children's education needs to health costs, there are many things we have to prepare for us to take the path to retirement, because when we take the path to retirement it is not as easy as we imagine, unless we already have sufficient savings, such as sufficient investment, lots of savings, and assets that produce monthly income.

[uneng]

Choosing a path to retire is not easy, because we have to prepare carefully to live life in the future, from daily needs to monthly needs, and have to prepare for children's education needs to health costs, there are many things we have to prepare for us to take the path to retirement, because when we take the path to retirement it is not as easy as we imagine, unless we already have sufficient savings, such as sufficient investment, lots of savings, and assets that produce monthly income.

You mentioned an interesting point: children's education. And I think we can go ahead and also include family's expenses.

For an individual in a situation like that, it will be much more difficult for him to retire early, compared to a single individual who doesn't have to spend with a wife and children in a daily basis.

Therefore, if someone's goal in life is to retire earlier, he should think very carefully before marrying and having children, because it will indeed compromise his finances a lot for the rest of his life, or at least until these children become adults and independent.

To retire early with a whole family over your shoulders is almost impossible nowadays, unless you already have a considerable patrimony and a high paying job to supply all your needs and still allow you to save some money in the end of each month.

[Mame89]

Early retirement is definitely possible with some careful planning and some strategies in life. With disciplined savings, careful planning and smart investments, you can retire very young. Focusing on investing in the right places with your goal of frugality and smart saving will help you in retirement. By managing life consistently through the deceased and paying off debt, you can plan for retirement. Investments should be placed in such a way that even after you retire, you have the potential to earn money from that investment and continue to earn money. Which does not create any difficulty in living your life even after retirement.

Choosing a path to retire is not easy, because we have to prepare carefully to live life in the future, from daily needs to monthly needs, and have to prepare for children's education needs to health costs, there are many things we have to prepare for us to take the path to retirement, because when we take the path to retirement it is not as easy as we imagine, unless we already have sufficient savings, such as sufficient investment, lots of savings, and assets that produce monthly income.

When it comes to earning money, it seems like we will never retire until we are old, we still have to have an income. retire early just to work, because of course we are slowly getting older so that our energy is no longer enough to work. In my opinion, early retirement is the same as achieving financial freedom from an early age, meaning that at a young age we must be able to achieve financial freedom so that in old age we can enjoy it without having to work hard anymore.

To achieve this, the important thing is to start first by building the habit of investing, because that is the most important thing, if from a young age you have had a habit such as investing, whether from a small or large salary, we must still be able to allocate money for investment. That way we have emergency funds, investments, children's education funds so that early retirement can be achieved at a young age.

[eightdots]

The annoying thing today is that things are very expensive that even if you are working in a good firm and having a nice people it is not enough for you to work there till you retire without having your own business. In the past people get lucky working for the government especially in the oil and health sector. These workers see no need to do any other work or business because the pay was enough and they did build houses and buy cars and do a lot of things until they are retired and get paid pension. it is difficult to see someone now relying on one source of income, and this is as a result of everyday inflation which has affected the world. 

Working in the government sector with a minimum or maximum salary will not necessarily be enough as a step to prepare for retirement because we have responsibilities for life, health costs, children's schools and so on. Now it is necessary to plan for life in the future and relying on one job with a fixed salary structure will not be enough. Building a business is an option that can be run by anyone as long as they understand what business can grow and people can realize the business with hard work and have the ability to develop.

The life we live is getting harder every day because the price of goods and other necessities will continue to rise while the value of the currency continues to decline. If we rely on one income, how can we possibly send our children to a slightly higher level of education and how can we deal with the economic crisis, inflation and recession that is occurring?

In the past, the salaries of working people provided them with the opportunity to build their future. Most salaries today are just enough to live on until the next salary and not enough to do anything additional. The biggest problem of employees today is their inability to invest for the future.

It is necessary to take steps to start a new business or generate additional income. If a fixed salary is not enough, it is necessary to look for ways to invest for the future. Investing is one of the biggest things you can do for the future.

[wxa7115]

In the past, the salaries of working people provided them with the opportunity to build their future. Most salaries today are just enough to live on until the next salary and not enough to do anything additional. The biggest problem of employees today is their inability to invest for the future.

It is necessary to take steps to start a new business or generate additional income. If a fixed salary is not enough, it is necessary to look for ways to invest for the future. Investing is one of the biggest things you can do for the future.

Salaries have been stagnant for decades now, so anyone looking into an early retirement needs to prioritize such a goal and if possible decrease their spending as much as possible, because even if it makes sense to try to increase our income by getting a second job or starting our own business.

At the same time, generating such an additional income will take you years of efforts in which you will have to work two or three jobs simultaneously, and that kind of workload can have serious effects over your health, and those additional costs will have to be paid with your additional income, most likely bringing you back to square one.

[shanhaigamefi]

If I were living in a developed country, maybe I could consider early retirement. However, most countries around the world don't have the financial means to support such a welfare system. Here, those who can retire early are usually high-income individuals. Even after retiring, they often have side businesses or investments to ensure their living standards don't suddenly drop.

There's an old saying in our country: "Plans never keep pace with changes." Let's hope the changes we embrace are positive.

[C10H15N]

In the past, the salaries of working people provided them with the opportunity to build their future. Most salaries today are just enough to live on until the next salary and not enough to do anything additional. The biggest problem of employees today is their inability to invest for the future.

It is necessary to take steps to start a new business or generate additional income. If a fixed salary is not enough, it is necessary to look for ways to invest for the future. Investing is one of the biggest things you can do for the future.

This, while an unfortunate reality for most, is 100% correct. 👍  Simply working and saving is not enough for anyone earning even an above average salary. 

[arwin100]

In the past, the salaries of working people provided them with the opportunity to build their future. Most salaries today are just enough to live on until the next salary and not enough to do anything additional. The biggest problem of employees today is their inability to invest for the future.

It is necessary to take steps to start a new business or generate additional income. If a fixed salary is not enough, it is necessary to look for ways to invest for the future. Investing is one of the biggest things you can do for the future.

This, while an unfortunate reality for most, is 100% correct. 👍  Simply working and saving is not enough for anyone earning even an above average salary. 

Really not enough if we are solely rely on the income we can get from our 9-5 job since for sure that it will never enough especially if we have family to feed and to many bills needed to pay on. In that situation for sure we would struggle to save some amount for future since all will go to important things that needed to spend for. So I guess the only option to get out in this situation is to find something that can generate us another source of income and to reach this situation then I guess we should enhance our skill so that we can use it to offer to other people like doing some extra jobs with them. Then once we get enough savings came from our extra job then this is maybe the right time we could able to think about building up our dream to have a business since for sure with this we could able to have a chance to change our lives if we manage well our business and make it successful.

[bestcoins1]

Choosing a path to retire is not easy, because we have to prepare carefully to live life in the future, from daily needs to monthly needs, and have to prepare for children's education needs to health costs, there are many things we have to prepare for us to take the path to retirement, because when we take the path to retirement it is not as easy as we imagine, unless we already have sufficient savings, such as sufficient investment, lots of savings, and assets that produce monthly income.

Whether someone is ready or not to become a retired employee in the future, he certainly cannot avoid it because retirement will definitely come to him when the time comes. And because every person who is about to retire needs to face this, of course preparations from now on or before retirement arrives must really be prepared, such as some of the needs that you have expressed. Because this is a real thing that everyone at a certain age has to face, so from now on you need to think about business and passive income every month for a more beautiful retirement. Because without preparation, anything will always be difficult to face at whatever time it is.

[OrangeII]

Early retirement is sometimes very desirable for many people. However, early retirement has many considerations, and I feel that as long as you can make money as an influencer, or maybe a content creator, or can work without time limits, then we should do that.
There are many things that need to be considered in early retirement, such as alternative income that must be stable, savings, investments, and others. However, without deep consideration, early retirement will only cause you difficulties in the future. I suggest you keep working, even if it's as an influencer or a job that you can do casually.

[Xcode7]

Whether someone is ready or not to become a retired employee in the future, he certainly cannot avoid it because retirement will definitely come to him when the time comes. And because every person who is about to retire needs to face this, of course preparations from now on or before retirement arrives must really be prepared, such as some of the needs that you have expressed. Because this is a real thing that everyone at a certain age has to face, so from now on you need to think about business and passive income every month for a more beautiful retirement. Because without preparation, anything will always be difficult to face at whatever time it is.

If for an employee of course their retirement is guaranteed, government employees or private employees will get a pension guarantee so I think it will no longer be a problem for them and in their youth they will just focus on work without having to think about anything.
Those who have to prepare for retirement are those who don't work for the government and I think everyone will be able to face that and regarding how of course everyone has a different path, there are those who invest, there are those who prepare savings and there are also those who build a business.

[Fredomago]

Early retirement is sometimes very desirable for many people. However, early retirement has many considerations, and I feel that as long as you can make money as an influencer, or maybe a content creator, or can work without time limits, then we should do that.

Yeah right if you have that capabilities then grab it as early as possible, there are many available venue where you can earn at the comfort of your room and with no limitation of your time, if you aim to retire much early you should invest and save those money that you can earn while you are doing this.

There are many things that need to be considered in early retirement, such as alternative income that must be stable, savings, investments, and others. However, without deep consideration, early retirement will only cause you difficulties in the future. I suggest you keep working, even if it's as an influencer or a job that you can do casually.

Alternative income that comes with your save money, as some said, let your money work for you once you already have that capabilities to invest with something that you expect to grow.

[Hanadawa]

-snip-

This is the most realistic statement and I like it. If we talk about early retirement then one of the ways that everyone can do this is by investing. You can invest in gold, silver, crypto or property. By owning investments you have the opportunity to retire early. You can't retire early if you only rely on your salary. But the problem is that not everyone has enough salary for them to invest. Especially if you are married and have children.

So in my opinion, if you are not rich and don't have a business, the only way I think is that you have to work harder to have additional income so that your salary can be invested. This is very difficult but not impossible. I think the ideal retirement time for the average person is around 40 or 50 years. I don't know whether that can be called early retirement or not.

[redsun114]

Bitcoin could give you that option, depending on how old you are of course. If you are 50 right now, you ain't getting that rich in the next 5 years or something, unless you do something stupid like put your whole savings ever into some shitcoin and get lucky, which some people did but many lost their entire savings.

But if you are like 20 years old right now, and put 10% of your salary into bitcoin every time you get it, and do that for 20 years, I guarantee you that when you are 40, you will have enough money to retire with ease. You could probably buy a couple houses straight up, no mortgage, and you will be able to do whatever you want. That is what I believe, I could be wrong of course but I am trying to hope for the best.

[Oneandpure]

Whether someone is ready or not to become a retired employee in the future, he certainly cannot avoid it because retirement will definitely come to him when the time comes. And because every person who is about to retire needs to face this, of course preparations from now on or before retirement arrives must really be prepared, such as some of the needs that you have expressed. Because this is a real thing that everyone at a certain age has to face, so from now on you need to think about business and passive income every month for a more beautiful retirement. Because without preparation, anything will always be difficult to face at whatever time it is.

Ready or not some one will retired one day later as his decision or company decision fire them, we must face reality as worker fire or not and prepare our self before bad happening to us have good financial saving or looking for side income help us when fire by our company keep stable with financial condition.
Before retire or fire by company we need have other side job as build up our self business or make investing will help us later with passive financial source income, most of people preparation anything before retire or bad thing happening later by fire on company and build up their business become main passive income.

Its reality of our life, never has existing forever or longer time and we need prepare second plan after fire on our working or retire still has source income without depend on one income only as worker.

[Zadicar]

Whether someone is ready or not to become a retired employee in the future, he certainly cannot avoid it because retirement will definitely come to him when the time comes. And because every person who is about to retire needs to face this, of course preparations from now on or before retirement arrives must really be prepared, such as some of the needs that you have expressed. Because this is a real thing that everyone at a certain age has to face, so from now on you need to think about business and passive income every month for a more beautiful retirement. Because without preparation, anything will always be difficult to face at whatever time it is.

Ready or not some one will retired one day later as his decision or company decision fire them, we must face reality as worker fire or not and prepare our self before bad happening to us have good financial saving or looking for side income help us when fire by our company keep stable with financial condition.
Before retire or fire by company we need have other side job as build up our self business or make investing will help us later with passive financial source income, most of people preparation anything before retire or bad thing happening later by fire on company and build up their business become main passive income.

Its reality of our life, never has existing forever or longer time and we need prepare second plan after fire on our working or retire still has source income without depend on one income only as worker.

Its something that you should really be needing up to consider because there would really be no guarantees that you could really be able to retire or finish up it until on the age of 60 on which this is something that will be considered to be the retirement age or much more earlier depending on which country because there are places which does have that less age limit when it comes on getting retired. If you are someone who do last up until the end then its good but factors or risks on being laid of or getting fired would really be still there on which simply means that it will really be just that still depending on how you would really be that handling up yourself on such conditions.

[terrific]

Very possible.
If my investment in crypto will earn me $1M then I'd be set for that and I'll live within my means and if possible, below my means.
I'd reinvest that into something that I know more or if not, I'd do just the same routine while doing not so heavy with my business.

[boty]

Its something that you should really be needing up to consider because there would really be no guarantees that you could really be able to retire or finish up it until on the age of 60 on which this is something that will be considered to be the retirement age or much more earlier depending on which country because there are places which does have that less age limit when it comes on getting retired. If you are someone who do last up until the end then its good but factors or risks on being laid of or getting fired would really be still there on which simply means that it will really be just that still depending on how you would really be that handling up yourself on such conditions.

Of course we must always be able to consider our old age in the future and if we can enjoy retirement before the age of 60 it will certainly be better because we have prepared for our old age earlier and if retirement is for a worker in a field that is under contract with a company or certain institutions, then we have to follow the applicable rules, but if we have a business that is running well, of course it will be easier to determine the time to retire and it can even be faster compared to those who work for a company and we will be able to enjoy that retirement period. by relaxing and not thinking about any business.