What age can I retire at
What age can I retire at? Now that is one incredible question!
On a strictly financial standpoint – you can retire when you have saved enough money to practically live a lifestyle that you are comfortable with, on only the money (and assets) that you have saved and interest that you would theoretically acquire on it in the future. For a lot of people this equates to roughly age 60 – with about 40 years in a full time career leading up to it. With the average life expectancy increasing, and both student age and debt at graduation rising it can reasonable be expected that the age of retirement will also need to shift to later in life if one follows the basic structure of working for income that has been most popular in the previous generations.
Life of Lesure – But WHEN?
Obviously everyone’s life takes them on a different path so there is never going to be one set retirement age. However, if early retirement is your goal (and it probably is if you came accross this article by searching what age you can retire at) then there are a few things that can help move the process along and push that retirement age closer to your current age.
First and foremost is the obvious – be financially responsible, live within your means, save your money and invest wisely. But that’s the obvious and not very much fun so we’ll leave those type of recommendations to your financial advisor and cut to the exciting stuff.
Alternatively – you can create another income source! You can only save so much money…. but you can always make more. Likewise, there are only so many hours in a day to work… but trading time for money isn’t the only way. You can also put in a few hours here and there that create a lot of value for someone else down the road and continue to earn money off of those efforts going forward – rather than just a payout in direct proportion to the time you put in. If you’re looking to start an online no-investment side hustle check out your options for countless ideas and free courses to get the ball rolling.
For a full and satisfying life finding a job where you aren’t constantly waiting for retirement is highly recommended. Even once retired, people still need something to do and a purpose to live for – so why no mingle a little bit of that into your work life too. If your current job is meeting your financial needs but just not doing anything extra for you then maybe a small side hustle, new hobby, or community service work is the way to go to fill out those extra needs of providing true value to others.
Check out some of our other articles too to see what you can sell online!