Here's how you can secure your finances when retiring early in the oil and gas industry.

The advice applies to people in all industries and not just oil and gas. Its true though that relatively speaking the O&G companies have better benefits than most other companies and hence the opportunity to save for retirement is indeed better. There are two essential elements that one must consider when it comes to the budgeting aspect. 1. One must know what their expenses are today and how much the will be in future over the years, while still accounting for inflation and any needs that will grow in future. This could be education, healthcare, bug purchases etc. Hard to forecast but very essential. 2. Secondly, one must plan investments wisely to make sure they get to the target which they have set for themselves and revising it yearly.

These are three more strategies for securing your financial future if you decide to leave the oil and gas sector early. Think About Consulting: To augment income and maintain ties to the industry, look into part-time consulting jobs in the oil and gas business. Social Security: Be aware of your eligibility for benefits and how much you might get in order to adjust your retirement income plan. Seek Professional Advice: To develop a customized plan, speak with a financial advisor who specializes in early retirement planning.

Je suis totalement d'accord avec vous seulement je suis pour l'idée d'avoir une activité en parallèle, ?a nous permet d'avoir un plus sans compter sur notre retraite anticipée. Car en cas de crises financières comme l'inflation sans augmentation de salaire tout nos calculs seront a l'eau. Merci

Once your budget is set, it’s important to review it and your spending on a regular basis to be sure you are staying on track. Few elements of your budget are set in stone: You may get a raise, your expenses may change or you may reach a goal and want to plan for a new one.

One thing I have found helpful is engaging your bank and investment professionals to help you diversify your investment. Dedicate time to monitor those investment and read a lot about the product and company before you decide

Pour ceux qui travaillent dans le privé dans le secteur pétrolier ou autre, il faut savoir que le régime de cotisation basique donne à la fin de carrière une retraite qui ne dépasse pas six fois le smig (salaire minimum industriel). Il est crucial que l'employeur cotise un complément de retraite pour ses employés. Indépendamment l' employé doit faire un assurance qui lui guarantira un revenu additionnel à sa retraite. La retraite se prépare durant la carrière par une diversification d'investissement.

Je pense que l'employé doit cotiser de plus pour une meilleure retraite anticipée car le montant ne sera pas vraiment conforme au régime de vie.

I agree to an extent, but 5 years before my planned (early) retirement I made a choice that the only person truly interested in looking after your investment and financial planning is you not any financial advisor. This resulted in spending time and effort in educating myself on pension planning, investing and diversification. The best investment that you can make in my view is in knowledge.

LIC New Jeevan Shanti Plan. LIC Jeevan Akshay 7 Plan. SBI Life Saral Retirement Saver. HDFC Life Click2Retire. HDFC Life Assured Pension Plan. ICICI Pru Easy Retirement. Bajaj Allianz Life LongLife Goal. Bajaj Allianz Life Pension Guarantee Plan.

Even after a few first years overseas (with 10 years of O&G work), I saw money only as a cash, and not as asset, thus keeping the funds in bank accounts, and having very little plans for diversification. The only diversification I've done those years were spreading the funds between current and deposit accounts. That was my way until some fraudulent actions by the "world elites" made me short of about 1 year salary, which was, saved during some 5 years if not longer. I exhaled then, and thought for myself: "thanks God I am only 40, and not 60, when such things happen". But this was a mighty lesson of life to start educating myself on principles of investments, and their diversification. Today, I am happy with my high diversification score

I would put funds in low risk investments to secure it. Yes, it pays less than the riskier ones, but I always believe that having something small is better than having a big disappointment.

i totally agree and suffered the same thing coming out from a country as you said the only investment is cash in saving. working on to improve my investment portfolio

There’s this saying, don’t put all your eggs in one basket. This saying holds true, diversify on your investment. What if, what if and what if. Everything should be taken with a margin of certainty and only then, would a steady income stream becomes a reality

Il faut avoir l'esprit d'un investisseur. Commencer à étudier les marchés économiques pour faire son propre business. économiser de l'argent pour en gagner plus d'argent. Consommer n'est pas une option fiable et sécurisée pour un retraité il faut toujours chercher à investir et surtout après avoir passé des années dans une industrie aussi importante économiquement parlant.

It typically involves hiring a debt relief company to employ one or more strategies that help you get debt under control, such as by reducing the amount you owe, lowering your interest rate, or securing better terms. Learn how debt relief programs work and whether they may be right for you.

I fully agree that debt reduction is the key to success. Especially credit cards and personal loans are the most expensive debt one can have. Rather than saving or investing, first clear all you debt. Once debt free, you can truly prioritize your spending needs. For us this is our children education, which takes absolute priority. Me and my wife can spend a bit less, wait sometimes longer before buying a new phone or gadget, and as we are debt free this truly creates the sense of financial freedom.

Health care costs can be defined in three ways: 1) the expense incurred by providers in the delivery of health care services 2) the amount that is paid for services rendered by private and public payers; and 3) out-of-pocket patient spending for health care services.

Very true indeed. We try to have the ongoing expected costs for the study of our children ready in a reserved cash account, so that this will never become an issue. Secondly, we tend to keep up to 2 years of living expenses in cash, which provides the a great buffer to maintain once investment portfolio untouched even for short term cash needs. This has helped us a lot through the covid financial downturn. We had our cash reserve to live on and when the markets were really down, we could reinvest our dividends from investment. Now a few years later this has greatly supported our overall wealth position.

Start living modestly by only buy things required. Eat moderately and make sure it is healthy food. Most of our disease come from unhealthy food. Exercise regularly to stay fit and healthy. Buy only car that serves your purpose that is to move you from one point to another. Live in a moderate house in a moderate location.

Financial security has to be ensured by careful budgeting on the needs after retirement like regular expenses, healthcare and emergency funds. While in service, be debt-free first. Fund inflows and outflows are to be balanced to meet the expenses for your comfortable lifestyle after the retirement. Fund requirements for dependent family members must be taken in cognizance also like education expenses of children, healthcare of old parents etc. Acquaintance with government sponsored pension plans and healthcare schemes. Daily activity/ engagement plans with NGO etc. for being active in life.

Don’t ever expect to drop from the sky on its record is my advice It’s always 1% luck and 99% effort. If you see, strive for it till the end and never settle for less