Early Retirement Planning
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At what age should you retire?
There are three ways to answer this question. Firstly, you can choose not to retire at all. Thus, even when you hit the mandatory retirement age, you can still continue working actively, especially in private practice.
You can choose to retire at the government stipulated age. However, the age of retirement varies from one region to the other. It also increases and decreases due to socio-economic policies.
You can choose to retire when you want.
You can choose to retire when you want. 55. 60, 65, or at whatever age you can choose to retire. However, retiring early means you cannot access your government-provided pension until you reach the stipulated age. How will you survive without income from your regular employment and nothing coming in from your pension? Well, it takes careful planning from the get-go.
Importance of Saving
To survive in the intervening years before you access your pension, you must actively save when working. The amount you will need to save will depend on several factors. The first is the sort of lifestyle you want to have upon retirement. If you just want a simple existence, then your savings will reflect that.
Furthermore, your obligations will also determine how much you will need to save. Ideally, before retirement, you should have paid off your mortgage and seen your children through school. However, if that is not the case, then you also have to factor these expenses into your savings. In addition, other expenses may arise “naturally.” For instance, you will have to cover your health insurance immediately after you stop working.
There is no way to know how much you are supposed to put away to see you through retirement. But we can help you with that. We have experts that can quickly decipher how much you need to save, considering your proposed retirement age.
We can also help you budget properly, eliminating any expense that sucks your finances. We offer guidance throughout the process and see you through the journey. If you are thinking of retiring early, the first thing to do is call us.