What Is Early Retirement & How to Plan for It?

What Is an Early Retirement?

What Is Considered the Early Retirement Age?

How to Plan for Early Retirement?

FAQs about Early Retirement

What are the main indications for early retirement? up-arrow

Some indications to know whether you are ready for early retirement are as follows:

  • If you are free from all your debts like loans, mortgages, credit card dues, etc.
  • If you have enough funds to support your dependents and their needs.
  • If you have saved and invested aggressively in your entire working period and have sufficient liquid funds.

Is early retirement a good idea? up-arrow

Early retirement is a good idea if you plan it accordingly and use it to pursue creative or personal interests. Additionally, it can benefit people who wish to live a life away from the mundane complexities of work-life. 

However, it is essential to remember that early retirement is not suitable for everyone, and you should consider all your needs before making any decision.

What are the cons of retiring early? up-arrow

Although early retirement brings benefits, some cons are also associated with it. These include insecurity, the strain on savings and retirement benefits, a potential health insurance crunch and cutting living costs.