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Early retirement


Home business
 

When people want to know to retire early


By Samantha Josaf at 2012-11-17 08:19:30
The key to achieve early retirement is focusing on financial freedom goals that can be reached in a short amount of time. Each time you reach to a new level of financial freedom, you become less dependent on a paycheck to cover your costs of living and more free to spend your days doing the work you truly love.

If one wants to early retirement, one has to start planning for it early. It is most practical to start at a young age, as soon as a person gets in to employment. A person has higher risk bearing capacity to enable her/him earn suitably higher returns. The effect of compounding does wonders to Accumulate a sizable retirement kitty with the small streams of savings invested.

In order to be able to retire early it is crucial that you start paying a pension as soon as possible as the younger you start paying a pension the sooner you will have sufficient funds to retire early. If possible try to enroll in a company pension but if that is not possible then make sure that you pay a private pension to a company that invests wisely to ensure that you achieve maximum returns for your contributions.

One should be clear about one's expenses in relation to the income earned. The expenditure post-retirement and the lifestyle that one would like to maintain will give an idea on how much money is required as corpus on retirement and what quantum to be invested periodically at an expected rate of return.

Since retirement is the most distant goal, the other short-term goals might take precedence and one has the tendency to dip into retirement savings for fulfilling other goals. A certified financial planner or CFP professional will help to identify the goals and suggest strategies to achieve them. The plan once made needs to be monitored periodically to ensure that it is moving in the right direction in the face of changing market dynamics. Such professionals are good at taking all factors into account while crafting a wholesome financial plan, the retirement planning being an integral part of the same.

You have given a broader aspect for early retirement planning and financial management. If I may add one should do his cash flow analysis and make strategy and implement it in most disciplined way. Creation of cash flow asset as real estate and other such assets which will ensure regular income is a must before one plans to hang the boots.

For more information please visit: how to save for retirement

For other information please visit: how to ask for a pay rise
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