Is it still possible to retire early? - page 7.

AVE5

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Quote from: Davidvictorson on June 06, 2024, 01:27:12 AM

Quote from: Zlantann on June 06, 2024, 01:08:07 AM

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

In my estimation early retirement is a choice if you leave in an economy that is already developed. In an economy where the government actually cares for her citizens and have been able to provide the basic and amenities for them. But if you leave in an economy that is still developing early retirement will only be a wish. Because you can't retire early and have it going good for you. In this type of economy you have to work twice as hard to even erk out a good living for yourself and while you are at it retiring early would be the last thing on your list. That is why you should do work that you love, take time out to relax, eat healthy, invest no matter how little even while you are actively working.

It's agreed. Retirements is mostly considered based on the economy situations, nature of jobs and the concerns of the government towards their citizens welfares.
Just as said, if living in a crumbling economy, most citizens wouldn't even mind the nature of the job but all they cares about of the job because they're afraid of coping with life after retirements but if living in a developed country of course citizens would be indebt to retire with the alignments that the governments would take cares of their basic and essential needs.
But of all in both developed and undeveloped economy, savings and investing would always give citizens a more better reliance to live a better life because the government can't always give it all.

sunsilk

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Quote from: seanskie18 on June 07, 2024, 11:13:04 PM

For some, it is possible, but many people are unable or unwilling to retire early due to the fact that their monthly expenses outweigh their prospective non-working income, forcing them to work to meet the costs. Yet, whether or not to retire early is a personal decision.

And that is because they realize that what they have isn't going to be enough to sustain all their needs. To be honest, the older we are, the more expensive our costs are going to be.

Even if you're a good saver and budget man, it won't be enough for you to retire early because what matters is how much is coming to you.

Well, if someone is going to retire very early, it's doable with a couple of million dollars and a lot of passive incomes are going to do fine.

Juse14

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When we can't make money while we sleep, then be prepared to work all our lives.

Of course, being able to retire at a young age is what everyone dreams of most. However, of course this is not an easy thing to achieve, especially if we come from a poor family and live in an underdeveloped country. Because when we leave a poor family, let alone thinking about saving and investing, just being able to meet our daily needs is already grateful. In fact, because of this need, it forces someone to work part time and ignore their health in order to earn some money to cover their needs.

So when we talk about retiring young, this is just a wish, because sometimes necessity forces someone to continue working throughout their life. Keep up the enthusiasm of the sandwich generation...!

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Quote from: seanskie18 on June 07, 2024, 11:13:04 PM

For some, it is possible, but many people are unable or unwilling to retire early due to the fact that their monthly expenses outweigh their prospective non-working income, forcing them to work to meet the costs. Yet, whether or not to retire early is a personal decision.

It all comes back to yourself to prepare for early retirement or continue working to prepare for a much more adequate old age and I see that the decision to retire early or not is not only a matter of money but also desires and of course if someone wants to retire early they can when they have have a business or a steady income that continues even though he doesn't work anymore, but the amount won't be too big so he won't be able to fulfill many desires. I think that's the reason many people don't retire early.

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For some, it is possible, but many people are unable or unwilling to retire early due to the fact that their monthly expenses outweigh their prospective non-working income, forcing them to work to meet the costs. Yet, whether or not to retire early is a personal decision.

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Quote from: Davidvictorson on June 06, 2024, 01:27:12 AM

Quote from: Zlantann on June 06, 2024, 01:08:07 AM

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

In my estimation early retirement is a choice if you leave in an economy that is already developed. In an economy where the government actually cares for her citizens and have been able to provide the basic and amenities for them. But if you leave in an economy that is still developing early retirement will only be a wish. Because you can't retire early and have it going good for you. In this type of economy you have to work twice as hard to even erk out a good living for yourself and while you are at it retiring early would be the last thing on your list. That is why you should do work that you love, take time out to relax, eat healthy, invest no matter how little even while you are actively working.

We can decide to retire anytime that we want it and this should be our decision especially when we have ready prepared well for the near future we are going to stay without working. Retirement should be a stage of life when we need to rest and enjoy our old age. This is the age some people are using to hustle more because they do not plan these well and prepare for retirements before it ever comes. We need to be always prepared and get ourselves in different investments than could being huge profits for ourselves so we can always make money from time time without over stressing about how the future is going to look like.

Mame89

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Quote from: Volimack on June 07, 2024, 11:52:24 AM

Everything has changed people are living longer. It's true the post retirement years are getting longer. Many professionals in the technology sector retire at an early age leaving room for the younger generation it becomes impractical to maintain their position. Yet to resign means to give up one's place. Retirement gives you a lot of time. But because you are no longer busy you are cornered. That is why it is better not to retire early.

The term early retirement actually means if we work professionally in a company or in the government, of course if we are no longer young then retirement cannot be avoided because we will be replaced by a younger generation. Usually retirees also continue to carry out work activities by looking for income elsewhere even though financial freedom has been achieved, but most retirees cannot just stay at home, they will do other activities such as running a business, investing and so on to fill their time. .

So actually retiring early is just to work, but to continue looking for passive income there is no such thing as retirement. It's just that after retirement our activities are more relaxed, because we will have more time to enjoy life with our family. So my conclusion is that to be able to enjoy old age, we have to prepare ourselves financially when we are still young by managing our finances better and investing. Retiring from a job is certain to happen, but don't retire to always get an income.

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Quote from: rangga28 on June 07, 2024, 08:12:08 AM

Usually the word retirement is categorized as those who work for the government and companies. If the meaning is like that then someone can choose a period of service of more than twenty years to get severance pay or pension funds or by reviewing the rules agreed with the employer. But for entrepreneurs, it seems like there is no such thing as retirement, they will continue to run or be involved in their business even when they are old. For some people who are still provided with good health and mental health, it is unlikely that they will apply for retirement unless they choose to resign and return to work in another field. Of course there are many things to consider if someone chooses to retire from a job, inflation rates, taxes and other unexpected costs.

I rarely hear information about government employees who apply for early retirement because they have a fixed income even though their performance does not comply with regulations, but if you work in a company there may be several percent of workers who will retire early if there are regulations that are detrimental to employees or they already have a high income from another job. Government employees have a pension salary as a guarantee of income in old age and generally they run other businesses without having to retire early.

The current situation is very difficult to get the job you hope for with an appropriate salary, therefore think wisely before applying for early retirement, think more about consulting with your family and friends so you don't make the wrong decision.

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Quote from: aylabadia05 on June 06, 2024, 11:47:57 AM

Quote from: Zlantann on June 06, 2024, 01:08:07 AM

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

Early retirement preparation by prioritizing the five points is good, but most people are still not ready to step into it because the economy is still in the lower middle class or the level of economic difficulties has not yet fully found a solution in the midst of the country's condition.
I agree with all of this and you are right that early retirement is an option, but I have not been able and ready to make that choice because of economic factors that are still like most people who live their lives out there.

So this means a middle man is not allowed to live a life in which he should be able to do everything that he wants. As a family why we put so much pressure on someone to fulfil our wishes and to make us live a life that he can't afford to pay of.

We should minimise our wishes and then automatically the burden will be relieved from his shoulders. Everyone here should be allowed to live a life which he wants.

0t3p0t

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This actually depends on what we are doing in life. If you have a high paying job then that would be possible but for people who has low to average or medium salary it's very difficult to especulate but based on my observation most of them cannot retire that early and even those people who has high paying job but also having a lavish lifestyle can't do that as well and it's obvious. Those people who work, invest and save has the higher edge on that early retirement thing. Discipline, consistency and patience will also help individuals achieve financial freedom ahead of that early retirement we all dreamed of.

Volimack

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Everything has changed people are living longer. It's true the post retirement years are getting longer. Many professionals in the technology sector retire at an early age leaving room for the younger generation it becomes impractical to maintain their position. Yet to resign means to give up one's place. Retirement gives you a lot of time. But because you are no longer busy you are cornered. That is why it is better not to retire early.

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Quote from: angrybirdy on June 06, 2024, 03:15:37 AM

Quote from: Iranus on June 06, 2024, 02:42:39 AM

To be honest, I have never thought about the prospect of retiring and at what age I would retire. Because I realize that with the current life when we encounter countless difficulties, I don't think I will be able to retire to enjoy my old age. Every time I think about my family, especially my children's future, I don't dare think about retirement. Life is increasingly harsh, raising them and providing their daily necessities is also sapping my strength, and if I stop they will have to live the rest of their lives full of difficulties. Not to mention, with an increasingly polluted world, increasing illnesses and I also have to prepare for my parents to grow old...there are too many things to worry about and I no longer dare to think about my retirement scenario. Retirement is a luxury that I have never dared to think about.

Maybe back then, we had a target age for when to retire, but with what is happening now in our country where there are many changes and stable sources of income are needed to live, it seems that you really don't want to think about retirement, and even those who are riches owner of a company will still work even though they are at retirement age, have we thought about why? because for them, as long as their body and mind can do it, they will continue doing it because nothing is permanent in the world, something can be lost in just one snap, so in preparation they are not complacent, especially now that it seems like every year there is a change in expenses and lifestyle of our life so it's better that we enjoy the time while we work so that we don't think that our life is just wasted on working and saving money, learn how to balance our life and work.

Yes, when I was young with my shallowness and naivety, I also thought about becoming rich easily and enjoying life as soon as possible. But when I grew up and had a family, I realized that life does not go as we think and is not as rosy as we imagine. For me, an adult man with a family, what I think about is my family, not just me. And as you also said, with the current economic situation, maintaining the supply of daily necessities is also a big problem for many people. So how can we dare to think about the prospect of retiring and enjoying old age?

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Quote from: Ever-young on June 07, 2024, 07:14:04 AM

You are absolutely right, if we actually work to provide everything for ourselves, retiring early will be the last thing on my mind just as you have said

But doing what we love and like won't be affecting our wellbeing as long as we are doing it with our heart and mind, we might even work without getting tired of it because we will be enjoying doing the work and the way our economic is right now in my country, we will have to work things for ourselves and to our own comfortable too.

Of course when we start to get older, we will think about growing old with our family and also doing things we like that we didn't have time to do before because we were working, but in the future we will do it for that reason creating pleasure for ourselves and our families. However, we can imagine that if our finances were stable when we were young, we didn't waste a lot of money on things we didn't want or wasted it, we would definitely imagine a beautiful old age.

Therefore, prepare well now if you want to enjoy old age, because if not we will continue to work without any restrictions on rest when we are old It is important to think about the future rather than wasting money on youth.

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Quote from: lovesmayfamilis on June 07, 2024, 02:24:16 AM

I don’t know if I understand the meaning of the word “pension” correctly as the OP describes it. But if we talk about pensions, then, as far as I know from my country, they should always be paid for by the state. The amount of payments depends on the length of service the person has worked.
Is it possible to simply retire, in the OP’s understanding? Maybe it’s worth just reformulating the meaning that the OP wants to stop working for “uncle” early, that is, for the state, and become a free entrepreneur, free from the constant obligations of going to work. Then you need to take into account that you should not expect privileges from the state.
If you have capital, this is possible, especially if there is alternative, or better yet, passive, income.
But don't call free enterprise, or the free decision not to work, a pension.

Usually the word retirement is categorized as those who work for the government and companies. If the meaning is like that then someone can choose a period of service of more than twenty years to get severance pay or pension funds or by reviewing the rules agreed with the employer. But for entrepreneurs, it seems like there is no such thing as retirement, they will continue to run or be involved in their business even when they are old. For some people who are still provided with good health and mental health, it is unlikely that they will apply for retirement unless they choose to resign and return to work in another field. Of course there are many things to consider if someone chooses to retire from a job, inflation rates, taxes and other unexpected costs.

Ever-young

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Quote from: Davidvictorson on June 06, 2024, 01:27:12 AM

Quote from: Zlantann on June 06, 2024, 01:08:07 AM

In summary, early retirement is a choice. The global economy is making it difficult to achieve it, but we can still try our best to plan toward enjoying it by saving, investing, and healthy living.

In my estimation early retirement is a choice if you leave in an economy that is already developed. In an economy where the government actually cares for her citizens and have been able to provide the basic and amenities for them. But if you leave in an economy that is still developing early retirement will only be a wish. Because you can't retire early and have it going good for you. In this type of economy you have to work twice as hard to even erk out a good living for yourself and while you are at it retiring early would be the last thing on your list. That is why you should do work that you love, take time out to relax, eat healthy, invest no matter how little even while you are actively working.

You are absolutely right, if we actually work to provide everything for ourselves, retiring early will be the last thing on my mind just as you have said

But doing what we love and like won't be affecting our wellbeing as long as we are doing it with our heart and mind, we might even work without getting tired of it because we will be enjoying doing the work and the way our economic is right now in my country, we will have to work things for ourselves and to our own comfortable too.

Zlantann

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Quote from: Mate2237 on June 06, 2024, 04:41:33 PM

I thought you not the worker set out his retirement time but the employer. And all countries government have their retirement date for all their workers. And that is why those who joined the civil service work retired late in the old age. Those who joined late sometimes work till at the age of 70s but normally I'm my country retirement age is 65 years. Because at time your not smart again so you are to rest and receive your retirement benefits at home. And they was a time the government was planning to reduce the years and I don't k ow if they have reduced it to 55 years because I am not part of them so I won't know.

You can only spelled out your retirement age if you are self-employed and not working for anyone because the person must have a say over you.

As a civil servant, you shouldn't wait until the statutory age of retirement before you decide to leave service. I wouldn't expect that I will keep working hard until I get to seventy. Even as a government worker, one can set up plans on how to retire early before the age of retirement. Most civil servants who achieve this are those who have investments that give them enough income to survive. I know many civil servants who left the service to go into business this is because they are well aware that the gratuity and pension will not be enough to pay their bills when they retire.

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Indeed retirement is a choice but in addition
While it is technically possible for someone to retire early without a proper plan, it is generally not advisable. Retiring early without a solid financial plan in place can lead to financial difficulties later on, as you may outlive your savings or not have enough income to sustain your desired lifestyle.

It is possible for someone to retire without a plan and this has been the case of many people. Such people don't have savings or investments because they have no plan for it. Countless people mismanage their income by wasting it on liabilities. But they end up becoming broke and start living beggarly lives. I don't really need to go to a financial expert to get investment advice; the internet has enough information to guide me.

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Quote from: ?? on ??

Indeed retirement is a choice but in addition
While it is technically possible for someone to retire early without a proper plan, it is generally not advisable. Retiring early without a solid financial plan in place can lead to financial difficulties later on, as you may outlive your savings or not have enough income to sustain your desired lifestyle.

If you are considering early retirement, it is important to consult with a financial advisor to create a comprehensive retirement plan that aligns with your goals and financial situation

Lol who in the hell someone want to retire early without proper plans, every people who want to retire early have calculated how much their monthly spending, how much their investment and average return of their investment.

But, what most people forget is they didn't calculate the "real inflation rate" instead they use "fake inflation rate" that posted by central banks. They also didn't calculate the tax they need to pay from their capital gains, depreciation cost, and any other extra things.

lovesmayfamilis

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I don’t know if I understand the meaning of the word “pension” correctly as the OP describes it. But if we talk about pensions, then, as far as I know from my country, they should always be paid for by the state. The amount of payments depends on the length of service the person has worked.
Is it possible to simply retire, in the OP’s understanding? Maybe it’s worth just reformulating the meaning that the OP wants to stop working for “uncle” early, that is, for the state, and become a free entrepreneur, free from the constant obligations of going to work. Then you need to take into account that you should not expect privileges from the state.
If you have capital, this is possible, especially if there is alternative, or better yet, passive, income.
But don't call free enterprise, or the free decision not to work, a pension.

armanda90

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If all points below have been completing its over and right time for retiring,

Budgeting
Saving
Alternative sources of income
Investment
Healthy Living

But I doubt for some one can reach all points above because many people still get difficult with financial condition and can't manage their money for saving, investing and opening new source of income before retiring from their offline working. Many of us work until old age because lack financial condition with small payment salary receiving make us must working until age for retiring because we don't have much money for saving and can't save our money for investment way.
Since still young we must working hard and spend all days keep looking the opportunity how to earn income from every source, after our working over we need looking alternatives income for side job and make the earning from this for investment to earn profitable in the future.

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As others have said in this section, the decision of early retirement is a choice of what you want to do, because there are others who prefer to manage a business rather than spend time as an employee, and many have done that before. man actually.

And Bitcoin or cryptocurrency at the top can be given to someone who wants early retirement, and there are some of us who may have done it somehow in the field of crypto space.

Topic: Is it still possible to retire early? - page 7. (Read 1706 times)