Most people plan on retiring in their 60s. However, the age of retirement has been slowly climbing the last several years. This means that many Americans could work into their 70s.
But that doesn’t mean you have to wait that long to retire. With some foresight and planning for the future, you can retire when you want to retire, even if that happens to be in your 50s.
Many people retire early and doing so can help you enjoy more of life’s experiences, take more pleasure in everyday activities and help you achieve your life goals.
Saving enough money to retire before the age of 60 can be a tough journey, but the reward of not having to answer that email from your boss is priceless. Goldberg and Associates, your business law firm in Atlanta, offers the benefits of early retirement.
Time to Travel
Most of us sit at our desks at work dreaming about all of the wonderful and exotic places we want to visit upon retirement. If you retire early, you can do that while your former coworkers are chained to their desks.
If you wait too long to retire, you might not be healthy enough to travel. Think about that.
Many of you have probably thought about owning your own business. Well, early retirement offers you the best opportunity to do just that. Maybe you have had a new business idea in your head for years and just want the chance to make it happen. Perhaps you would enjoy operating a little eatery or pub.
Statistics show that Americans over the age of 60 are more likely to be self-employed compared to other age groups.
New Interests and Hobbies
You would love to learn how to play golf, but you just don’t have the time. An early retirement gives you the opportunity to try anything you want. You can choose to take up golf, or maybe you want to learn how to play racquetball. Whatever you desire to learn, it can all happen with early retirement.
Since you won’t be stuck sitting at a desk all day, you have plenty of opportunities to get more exercise. In fact, statistics show that early retirees are actually healthier than people who are the same age but still working.
Spend Less Money
People who retire early spend less money because they have the time to discover great deals. It is not difficult to save money if you have the time to search out the best deals and negotiate price.
Other Streams of Income
Retiring early does not mean you have to give up earning money, you just do it on your own terms. For example, if you have been an accountant for a company all of your working life, when you retire, you can do people’s taxes on the side. Of course, you charge a fee for your services.
New income streams could include the selling of goods you make or getting paid to write articles for local publications.
If you have questions about wills or estate planning, contact Goldberg and Associates.