Retiring early at 50? It’s like hitting the jackpot… but only if you’ve planned for it! Retirement is one of those topics that inevitably crosses our minds sooner or later. But it should not just be about crossing the finish line for official reasons like getting old, starting Medicare or cashing those Social Security checks. There’s another kind of retirement—a departure from the relentless pace of daily life; the freedom from the scheduled 9 to 5 on someone else’s terms; opting for a slower more deliberate way of living.
Early retirement does not have to mean no work. Neither does it have to mean that one has to now become a couch-potato. It simply means to hit pause on the hustle and bustle, to savor life’s simpler pleasures. It means living an active mentally and physically fulfilling life.
If you are already doing this, stop wasting your time reading this blog. If not, let’s cut to the chase and skip the snooze-fest. Here’s the deal:
Perks of Retiring Early:
- Freedom Galore: No more alarm clocks or bosses breathing down your neck. Think of all the Netflix binges and midday naps! I suspect that for most individuals, wanting to “Retire Early” does not mean “No-Work”. For them it means “freedom” from having to live on someone else’s terms. A wise friend once defined Retirement as doing something on your own terms!!
- Health Boost: Adios stress! Early retirement means more time for yoga, green smoothies, and leisurely strolls. Say hello to a healthier you! Your dog will love you for that daily walk. Invest in your health now and reap huge benefits later in life.
- Family Time: Want to actually know your kids or spend quality time with your significant other? Early retirement’s got you covered. Build those relationships without the rush.
- Money, Money, Money: Sure, you need to save like a squirrel hoarding nuts. Sure, you need to have some savings. But early retirement screams financial independence. You now have the freedom and the time to start your own thriving business.
The Nitty-Gritty:
- Discuss with your Significant Other(SO): Assuming you have a SO, this should be the PRIME consideration!! If your SO is not in alignment with you, face it, you are not retiring early. It has to be a team effort.
- Save, Save, Save: In simple terms, Input(Earnings) + Savings needs to be greater than the Output(Spending). If you cannot live within your means, you cannot hope to live the dream without having to eat ramen noodles every night. Crunch those numbers, kiddo!! Figure out how much you need to squirrel away.
- Healthcare Hurdles: At 50yrs of age you are too young for Medicare. At the same time Market Place plans can be expensive. Don’t forget about those pesky medical bills. Plan for them or risk turning into a medical bill collector’s worst nightmare. Study up on those health care plans. Get one that fits your budget.
- Invest Like a Pro: Stocks, bonds, real estate, ETF’s, Index Funds! Get savvy with your investments or risk watching your retirement dreams go up in smoke. Learning new things is the best investment you can make. Invest in yourself first!
- Plan for the Worst: Life happens!! Prepare for it!! There is no way to sugar-coat this. A solid backup plan will save your bacon when things inevitably go sideways. This goes back to point #2, save, save, save!!
- Stay Engaged with your Community: This one is key!! Remember to keep your life vibrant by staying mentally and physically active. Volunteer in your community. Do small jobs to help a neighbor in need. Engage in paid short-term freelance projects. Boredom can be a big burden. It will definitely allow depression to creep in. We all know that an Idle mind is the Devil’s workshop!! You have to keep yourself mentally and physically occupied.
Bottom Line:
Retiring early at 50? It’s not just a pipe dream; it’s totally doable with some careful planning and a dash of financial wizardry. So grab your calculator, dust off that retirement plan, and get ready to live your best life!
If you like this idea, stay tuned to future articles on how to get there.