If you’re here and want to learn how to retire at 50, then you’ve come to the right place. Retiring is a process, which, for those who are unprepared, is a daunting thought. But, retiring shouldn’t be a difficult thing to accomplish.
A retirement-age of 65 to 67 is typical in many countries. And before retiring, most people usually work for over 40 years. While working for all these years, most of them will have had a decent salary but often depend on social security to survive during retirement. And unfortunately, some retire without any retirement savings.
Therefore, having a decent job and excellent benefits alone won’t guarantee a comfortable retirement. In other words, having a good job alone isn’t the answer.
In my book, The Financially Independent Millennial, I talk about how despite dropping out of high school, not learning about money (when I was young), and going through bankruptcy didn’t stop me from having retired at 35. Sure, critics will say that, for my retirement, I could do it because I started and sold a business. And to that, I’ll respond that starting a business is among the only ways to retire at a young age. Well, that and winning the lottery, or being an early FAANG employee with vested RSU’s. But that’s for another article!
So, what’s the solution to retiring at 50? In this article, I’ll go over a simple yet effective approach to planning for retirement. Considering the average salary in 2019 in the US is $52,208, it’s not impossible. Retiring at 50 will take a little planning and perseverance. But it is possible!
So, if you’re ready to get started, read on!
Set Your Retirement at 50 Goals
The first step on your way to retiring at 50 is to evaluate what you want in retirement. In other words, it’s essential first to understand what retirement means to you. For example, do you want to retire and travel the world ten months out of the year? Or, are you happy retiring at home, tending to the garden? Or, maybe you want to balance a side-hustle with time to travel. Therefore, the lifestyle you want to live after retirement should dictate the plan.