Preparing For An Early Retirement

If you are looking to retire early or even just to retire with everything in order at the expected age, I've shared a couple of factors about how you might do that.

First and foremost, give yourself as much time as possible; approximately 7 to 10 years is a good time frame.

Now, I have seen it done in a much shorter time frame for people who are fortunate enough to have the assets.

A longer time frame gives you plenty of time to plan and map out your strategy and overcome any financial hurdles.

The next step is to identify how much your lifestyle currently costs you and how you're going to pay for it.

This is going to be through pension income, rental income, maybe stock options or cash.

If you plan to retire ahead of the state pension age, it's also how you're going to generate an income to replace that for those number of years, which can be a drain in cash flow.

If debts mature after you plan to retire, it's about how you will pay them or maybe repay them early.

Equally, if there are other expenses that will occur after you plan to retire, they could be education costs, gifts, or inheritances - It's considering how they would be paid for.

You need to look at all these things and map them out, give yourself as much time as possible to plan them and see how to allocate the money to the various challenges and hurdles.

If early retirement is something you're exploring and you need some answers, feel free to get in touch to start a conversation??