Many people would love to retire at 50 but may feel trapped by their current circumstances. With all the gloomy news about the economy, it’s no wonder people are depressed. It’s all about feeling better where you are now and not having to wait until you retire. Put into motion your when to retire plan now so that you can live your life on your own terms.
Start Where You Are
How to retire at 55 or younger is about making peace with what is. The term working retirement means working and living in your dream area and doing the things that give you pleasure now. You don’t have to wait until you are 65 and many cases older to enjoy retirement.
Take stock of where you are financially and where you want to be. Instead of selling your home, consider turning it into rental income. Take the pressure off by hiring a property manager. Working with a local property manager can help with finding the ideal tenant and reduce the challenges that may be involved with being a long distance landlord. Another upside to not selling your primary residence is you always have a back up plan should things not work out as planned.
It’s all about cash flow in your working retirement venture, therefore, having a good plan for where your income will come from is top priority. Ask yourself how much money will you need to retire. This may require a realistic view of what you can expect and what you are not willing to give up. Entertain the idea of living below your means. This doesn’t mean deprive yourself. However, taking a hard look at where you can cut back can’t hurt. Look at your current lifestyle and decide if having two cars is necessary. With the kids gone will you need that big house? Consider the rental income option mentioned earlier and think about downsizing in your new retirement home.
Start with your current employer. Is there an option to transfer to your retirement state? Some jobs can be worked virtually and if yours is one such job, consider pitching this idea to your employer. You’ll never know until you try.
Another option to consider is phased retirement. Your current employer may be able to offer such a retirement package. As the term implies, as you are approaching retirement your work responsibilities at work will be reduced over time until completely retired. Before taking this option, consider all the details involved as there may be potential drawbacks.
Freelancing or starting your own business is another option that a lot of baby boomers are taking seriously. In some states like Utah, everyone is a freelance something or other. Consider turning what you’ve done for years into a way to make money. The key factor here is not to wait until that last minute. You can start a side business while you are a full time employee. As your business grows so will your confidence that this something that can carry you into retirement.
I Think I Can
If you believe in law of attraction, you know that you attract what you think of most. Focus on feeling good now and don’t get overwhelmed with statistics that say you need 25 times your annual income to retire. This doesn’t mean you will do nothing but your mental state is just as important as your financial plan to retire. Stop and watch the sunrise and think about doing what you love. You may be surprised how your feel good mood can affect the outcome of how well you can retire.
Poor health is no fun especially in retirement. Part of your plan to have fun in working retirement is getting healthy. Being in good health means fewer trips to the doctor, which also means you save money. Eat better and get active. Taking up nature walks, hiking or yoga can improve your health and your view on life as a whole.
Retiring at 55 is possible but it will take some planning on your part. It may even require that you begin to think outside of the box and go against traditionally thinking. Remind yourself that it is your life to live and only you can decide how.
Why even wait till 55?
Why not retire at age 44 or even 33? Lawrence Tam used the Empower Network system to retire at age 33. He had a college degree, and was working in an engineering job that he hated. He was working in a cubicle, and had to get up at 5:30 in the morning to catch a van pool for the commute to work that was over an hour long.
He started a part-time business that eventually made more income that his fully time job, so he “retired” from his job. You might not call that real retirement. He still works on his new business, but he sets his own hours, and dedicates more times to his wife and three children. As a matter of fact, he became the top income earner in Empower Network. He now typically makes over $100,000/month. So he now makes more per month, than he once did annually. By the way, that income is NOT typical, to see average income, check out this page: http://EmpowerNetwork/income
And when you go our events, like the one coming up in Orlando, Oct 30, 2015, you can find our company leaders such as Lawrence are very approachable. I got my picture made with him last time we were in Orland, 2014, while waiting to get a shuttle to our big evening party.
Below, or to the side, there is a link that will reveal to you the very same system used by Lawrence Tam. Click, watch the video, and discover how you will no longer have to worry about retirement.
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