Is early retirement possible for millennials?
Early retirement, the mind automatically gets excited on hearing the word. Although it sounds great there is a lot of stuff involved behind these words. Today, most of the millennials, feel it difficult to continue to live the rat race prevailing in society. Hence, they withdraw from the workaholic world setting them back to live a peaceful life.
Things to be considered before thinking of early retirement
Whenever the idea of early retirement comes into the mind, a load full of questions arises from within. Let us find out the facts to be kept into account before opting for early retirement.
Earn more in less time – In order to enjoy an early retirement, one must be prepared to earn more in a short period of time. This is because the years spent using the saved amount is going to more than the normal retirement age. Hence, you must be ready to work really hard to earn for some decades of rest.
- Prepare you for discouragement – Many people have suffered this after deciding on the early retirement. This could be quite surprising that the people around you can’t accept this fact, hence they began discouraging you. You must be ready to face all such situations.
- Forget about the benefits of retirement – There are several advantages that one obtains post-retirement in a traditional way. This will completely be eliminated if you are opting for early retirement. Moreover, there are chances of facing penalties for the early decision you made. You must make tax preparations before announcing retirement to ensure you stay happy rest of your life.
You must decide your time
There is a no particular time of retirement. It all depends upon the situation and the inner guts one posses. Money is never a constraint to choose your retirement because people who earn more will never get satisfied earnings. Their mind will ask for more and more without any limit. Hence money is infinite whereas the time is finite. This is the key thing that one must consider before making a decision.
High chances of less expenditure
Some may probably think that huge amount of money will be needed to spend the rest of life in peace. But that is not the actual thing that happens. The expenses will ultimately lessen than actually planned. Living a comfortable life will not demand much unless you choose something extravaganza.
Doesn’t mean you stop making money
Many people misunderstand that the word retirement means a big block to all the gateways of making money. This isn’t the real scenario. By announcing an early retirement you still have the opportunities of making money wide open. We have seen many people in real time earning through blogging after retirement. Likewise, all options are always available to make money post-retirement.
Money doesn’t matter
After retirement, many people feel that they have too long or cling on something to make the living. The entire life turns to seek for money, but it is completely wrong. The term withdrawal has a completely different meaning. It is the time when you refocus the life to new things. Change your lifestyle according to things that you lack time earlier. It is all about finding enjoyment in life and discovering peace of mind and soul.
Adjusting the lifestyle
It might be quite difficult for some people to adjust to the new lifestyle. Especially those who were workaholics before might feel boredom in life. Choosing the ideal thing to spend the time at will become a difficult task. It takes ample time, to adapt and settle.
Think before choosing
One has to spend a lot of time to arrive at a decision of announcing a withdrawal from work life. Some may lack the situation of choosing that plan of resignation. High involvement is required in planning foreseeing all things that might occur after withdrawal. If you missed out something in the plan, then the idea will become a self-destroyer to life.
Hence, sit down in peace; analyze your situation in depth. Check out all the possible outcomes. Most importantly, discuss with your family members on the decision you are about to make. They will be able to give you new perspectives and insights into the situation. Plan wisely and choose wisely!