I don’t know about you, but at the end of every tiring day at work, I always remind myself that I work hard because I want to retire early. It sure makes everything a lot easier to face. Still, what exactly is the meaning of early retirement?
Certainly, it’s not just about waiting for the early retirement age to receive your pension, because it’s more than that. About 40 or 50 years later, do you think the money in your retirement funds will suffice to sustain your retirement needs? By then, do you think you have paid off all your debts, and have enough to meet your living expenses and other activities you intend on doing?
While retirement conjures thoughts of vacation, catching up with your hobbies, and spending quality time with your loved ones, there are many more factors to look into. Where will you live and spend your remaining years? What do you plan to do with all those leisure time? If you get bored and suddenly miss your job, it sure wouldn’t be easy to get it back.
To help you get started on planning your retirement early, visit https://www.gov.uk/plan-retirement-income