The Washington Independent
The Washington Independent
Useful guide for anyone planning an early retirement

Useful guide for anyone planning an early retirement

Jun 11, 2021 08:31
Kaleem Kirkpatrick

Table of Contents

Assess your retirement readinessWhat does early retirement mean to you?Calculate your monthly spending needsMethods to increase retirement satisfaction

Having the opportunity to retire early is the dream of many, but it is also a terrifying prospect. Retiring early is excellent news, but it also requires hard work. If you are confident you have the right skills, knowledge, and attitude for early retirement, you should start building an early retirement plan. The idea of living off the interest from your investments can be appealing. At some point, we all dream of retiring, taking an extended vacation, and not being tied to a job. Investment opportunities have increased exponentially with the growth of the internet. Investment firms offer low-cost index funds or investment plans that ask for no maintenance fees and give you the freedom to invest however you like.

Assess your retirement readiness

Does early retirement make sense? Yes and no. Early retirement may make some people happy and others unhappy. Some people will find it easier to retire early if they have health problems or have substantial debt. Others won't enjoy early retirement because they believe it will make them "lose" work opportunities. Whatever your reasons, you first need to consider if this will be the correct choice for you.

What does early retirement mean to you?

While many people hold onto the idea of early retirement as the end game, most people are unaware of what this will look like. Before you think about making preparations, you should at least do some basic research about how you want to live your life after you have stopped working. Often, people feel useless when they don't have something to do, so they fall into a deep depression. Therefore, you should consider the following options, which will form the basis of how you proceed:

  • Travel
  • Investing
  • Leasure
  • Move to another country
  • Volunteer
  • Set up a charity
  • What health insurance you will need

There are many more options, but the key takeaway is to think about your life after work before you think about how to retire.

Calculate your monthly spending needs

It is essential to get a relatively accurate calculation for what you intend to spend once you have ceased employment. It will soon be impossible for you to pay your bills if you overspend unless you have investments that provide recurring payments. Even if you have set up an investment strategy, you will still need to remain within your means. Budgets should take into consideration the following: 

  • Do you still have a mortgage?
  • Are you thinking about moving or downsizing your primary residence?
  • What will be the impact of retirement on your health insurance premiums?
  • The costs of out-of-pocket medical treatment often increase with age, so have you considered this?
  • Do you plan to spend more time traveling or engaging in hobbies once you have more time available?

Methods to increase retirement satisfaction

Now that you understand some of the questions to ask yourself before choosing, you should think about how you will increase your income to enjoy your life to the fullest. You have various options, some of which must be decided in advance, while others can be decided later.

Methods To Increase Retirement Satisfaction


Investing for retirement is serious business. You might be able to fund retirement with the earnings from your day job when you're in your prime earning years. However, as you get older, it's essential to start planning for your retirement. Planning for your retirement can help you avoid unnecessary financial stress and anxiety. Moreover, investment specialist states that planning for your future doesn't have to be complicated. You can utilize a range of investment platforms to create a portfolio that will provide you the recurring income you need to realize your dreams. The main idea behind a sound investment strategy is to enable you to create a ten-year buffer. This means that you must begin to invest at least five years before your intended retirement that will provide you with at least five years of income after the event. This will give you enough room to settle into your new life and figure out how you will reinvest going forwards. Among all the potential investment opportunities facing us in the future, which stands out as the most promising? The following are some of the top choices:

  • Gold: Traditionally, the most common method of storing wealth. You might not make a significant return, but you will shield yourself from currency fluctuations.
  • Real estate: Arguably the best way to gain a return on your investment. It is usually a safe bet and can create a recurring income. The value of real estate usually rises over time.
  • Digital currency: The latest offering in the world of investments, cryptocurrency has the most considerable swings in any method of earning profits. In other words, you might become a millionaire overnight, but you might also lose your shirt.
  • Share trading: Another conventional form of creating wealth, you will need an excellent stockbroker to advise you on the options that pay the best dividends.
  • Forex: Similar to cryptocurrency, this has the chance of making lots of money but also losing it quickly.


Creating a portfolio that incorporates a variety of these methods would be the best choice. If you have an outstanding financial adviser, they can help you to set up a low, medium, or high-risk portfolio depending on what you want to achieve.

Part-time job

Many retirees often opt to get a part-time job based on their previous expertise. This can provide the mental satisfaction that comes from being needed and provides some extra income. A lawyer, for example, may become a part-time consultant for their former firm. This means that they can retain your valuable knowledge without the cost of full-time employment; it is a win-win situation for everyone. What job you can get depends on what you do, and you can either become a salaried employee or work as a freelancer.

People may find retirement a terrifying prospect, while others may see it as an opportunity to start over. Whoever category you fall into, you must ensure that you make plans well before your retirement date. Your income will no longer be dependent on where you work, allowing you to move into the next phase of your life with less anxiety and stress.

Kaleem Kirkpatrick | Kaleem weaves song and story together with experience from his 12 year career in business and sales to deliver a mesmerizing tale of wealth and anger – the ups and downs of disruption – using his expertise in music and entertainment. His background in philosophy and psychology allows him to simplify the science of why we construct trends, where they come from, and how to alter them to improve outcomes.


Gambling Laws: How Canada compares to the US

Canada and the US are not just neighbors. They’re allies that share a national language, food and music. Both countries are huge in geographical size, incredibly developed and have populations with a 99% literacy rate.

How Ethereum is steadily second-most popular cryptocurrency

Cryptocurrencies have taken over the digital world with their countless advantages and ways of improving the online life of millions of users. That change started with Bitcoin and now we are taken in by Ethereum. It is more than just another cryptocurrency.

Top Altcoins offered by crypto gaming industry

Crypto casinos allow users to get access to more features than a traditional casino by enabling gambling and payments through the world’s most popular cryptocurrencies.

7 Tips to make your brand more customer-focused

Customers are undoubtedly the lifeblood of all companies worldwide, so it isn't surprising to see many businesses prioritizing them. Research indicates that about 40% of all companies have an equal focus on customer retention and acquisition to help drive long-term company growth.

6 Useful tips on how modern technologies are reshaping traditional businesses

The technological evolution in the modern workplace has been very beneficial to many businesses, and, of course, several businesses have taken advantage of this to improve their performance level and operate more smoothly. Every business needs technology; whether big, small, or medium.

What Americans need to know about online casino bonuses

It used to be that gambling in the US was severely restricted, with destinations such as Las Vegas and Atlantic City, being the key havens for people wishing to test their luck.

The Biggest Wins in Poker History

Outside of organised sport, poker is one of the most popular pastimes on the planet by players from Las Vegas to Laos and everywhere in between. One of the many reasons for poker’s popularity is the riches that the game can offer to those successful enough to consistently win the top prizes.

Top 5 publicly traded gun company stocks

For just a long time, the market for gun company stocks has indeed been completely ignored. Even so, even as the whole world becomes increasingly chaotic, firearms are mainly motivated by the demand for self-protection. This has resulted in an unprecedented rise in weapons sales throughout the US.

The industries utilising e-wallet payment methods

An increasing amount of consumer transactions are taking place over the internet, last year over 779 billion digital payments took place across the world. This figure is expected to grow by around 13 percent each year and more people enjoy the convenience and accessibility of spending money online.

Is online bingo legal in Washington state?

Online bingo is growing rapidly, with players everywhere noting the benefits of gaming from the comfort of home. Exciting, engaging, and best of all, offering a real chance to scoop the jackpot, bingo is enjoyed by millions worldwide.

6 Ways to increase the value of your home before selling it

When you are looking to sell your home, you want to make sure you sell it for a good price. Luckily, house prices normally go up over time, so you should not have any trouble selling it for more than you bought it for.

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy |