Having in mind that the retirement line is getting higher and higher and soon people will probably be able to retire at the age of 70, it's normal to think about other options. If you're thinking how to retire early in Australia, then you're not the only one. Millions of people are trying to find a way to end their working life and enjoy their senior years like normal human beings.
If you're doing the math about how much you need to save in order to be able to retire earlier than usual, jus stop. It's nearly impossible to save enough without any help. Sure, you can do it if you start planning your retirement the first day you get to work. If you save 1500-2000 dollars beginning from the first paycheck you get, then you'll probably be able to retire as early as 10 years before you officially become a retired person. However, it's pretty much unbelievable that you have made a plan when you were in your twenties. You're now probably in your fifties and you realize that the working life is not going to be over soon, and your working power is not like it was in your thirties. Don't worry, we have a solution.
The solution is called ROI - Return Of Investment and is probably the best answer to the question how to retire early in Australia?
What is Return Of Investment? ROI is the perfect way to save money in the long run. If you're around 50, you'll need around 20 years to save $500.000 If you save $2000 every month. With an interest rate of 7% that ROI offers, you'll be able to lower the time to get this sum to about 13-14 years. That is really amazing. So, instead of retiring at the age of 70 as almost all serious economist suggest that will happen by the year of 2025, you'll be able to retire at the age of 63. That is a huge difference.
This way you'll be able to enjoy your retirement while you still can. It's no lie that the average lifetime for men in Australia is around 80, so instead have only 10 years to enjoy your senior citizen status, you'll be able to enjoy everything you always wanted but didn't really have the time for after the age of 63. There's a huge difference between 10 years and 17 years of happy senior life.
There are many other answers to the question how to retire early in Australia, but they all include banks and debts. We strongly advise all people to be clear of debts before they hit the retirement. It's much harder to return the loans when you're retired and older than while you work and you're still able to do big changes in your life. The ROI is the perfect option and the sooner you start saving, the faster you'll have enough for living a happy retirement life.