Many of us would love to be able to retire at a far earlier age than sixty five but it is a pipe dream to all but a few. If you are serious about retiring early, you need to do your sums to determine if you can manage it financially as, since most of us are living longer, we have to support ourselves for many years of retirement.
Early retirement does take careful planning and it is something you should be thinking about in your thirties or forties. A sizeable nest egg is needed, one that will grow through careful and prudent investment in the ever expansing finance world.
It may be tempting to put your money in a high interest but risky venture, but this can ultimately mean that you lose all or part of it. Don't forget your wife or partner too – does he or she want to retire at the same age or do they want to carry on working?
Early retirement can seem a great idea but could be lonely if you are the only one to be at home. Some people retire early only to go back to some form of work as they are bored.
If you have not saved enough money to be able to retire comfortably, it could make your retirement very miserable indeed. Better to spend a few more years at work and enjoy your years with enough money than scrimp and save for the rest of your life.
