Early Retirement in Australia: is it Really Possible?
By the year 2025, analyzes show that people will get retired at the age of 70. This is an incredibly high age that hardly anyone can handle. It was not long ago when people retired at the age of 60, but times are changing and everyone should adjust to the changes. Early retirement is becoming harder to achieve but it still not becomes impossible.
The first thing you need to know if you're thinking about getting an early retirement is that you can't be covered in debts. You have to clear everything you owe because that burden will become impossible to carry if you're planning to end your working days earlier.
This brings us to the next point - saving. You have to find a way to save money for later days. Get another job, sell everything that is causing unnecessary expenses and be sure that you save enough each month that will be a good start for the days you get retired. Of course, when you do the math, you'll see that it's nearly impossible to make a sum that will be enough. You have to go to work and pay your bills which means that you'll certainly have a lot of expenses no matter how much you save.
The answer is investing. ROI (return of investment) is an excellent choice if you are planning to get in retirement earlier than usual. ROI is a system that allows you to invest each month in the fund and in return, you'll get a great amount of money after a decade or two. For example, if you start saving $2000 each month, in 20 years you'll have almost $500.000. This seems like a great sum that will be enough for a great life as a senior. However, when you're 20 or 30 years old, you don't really think about saving for the later days. That's why ROI is a great choice. With a 7% interest, you'll shorten this period to less than 14 years. That means, if you want to retire at 60, you'll need to start investing in ROI when you're around 45. These years are excellent for getting into the game of investment because you're still able to do a lot of work yet there's still time until the planned age of retirement. On top of everything, it is the age when usually people start thinking about their senior days and realize they wouldn't like to work forever.
Of course, It's not easy at all to save $2000 each month but it's still not impossible. If you're earning $5000 you should have enough for a decent life and still have those 2 thousand to invest for your senior days. Think about as an investment in your dreams that you always thought of, but was never able to chase. Another thing you need to be sure of is that as time passes you won't be able to work like when you were younger. Getting an early retirement is a must.