Retire Early and Quietly - Possible?

By: Josephine Mendez

We always correlate retirement to sexagenarians - persons between the ages of 60 to 70. But even the retirees themselves wished they could have bailed out of the daily grind before the traditional retirement age so they can relish their Keogh plan or Roth IRA without having to deal with arthritis and Alzheimer's.

The key statistics about early retirees have swelled to a substantial proportion, meaning so many are calling it quits and they can do it. We drool over the possibility of early-out and we see it happen prominently in our midst. How so? Can we, considering our relevant circumstances, retire early to our visionary oasis?

Testimonies of men and women who dumped their nine-to-fives in their 40's or early 50's propagating the early retirement trend replete the media and the web, and they unselfishly divulge their modus operandi on how to live the lifestyle that the entire humanity craves for. It's not an unconventional formula they followed, there's nothing peculiar with what they undertook, it is just a matter of adopting a perspective and adhering to it strictly. Following are some of their suggestions:

1. Be a scrooge. Live within your means, stretch your dollar, pinch pennies, however you want to do it - it's a temporary situation, but the aftermath is so rewarding. People spend for things they don't need with money they don't have to impress people they don't even know. And that's why they end up neck-deep in credit card debts where they pay sky-high interests perpetually.

Some early retirees don't show any embarassment shopping at thrift stores and buying clothes at yard sales. Some even grow their own vegetables in their backyards.

2. Save. Forage your cars and in the closet for pennies, nickels and dimes and keep them in a piggybank until you accumulate enough to deposit into a savings account. Banks offer a no-minimum-balance, no-monthly-fee savings account if you automatically deposit at least $25 a month out of your checking account. Instead of dining in a fancy restaurant once a week, make it a special occasion affair and increase your savings account with the amount of money you would have spent if you ate out. It will be expedient to watch Rachael Ray on the Food Channel and learn as she concocts delicious meals economically; duplicating such feat in your own kitchen is such a gratifying experience, and you save much by confining your appetites within your home.

Your bank will pay you eentsy-weentsy interest on your savings account, but what matters in the end, is you cultivate the good habit of saving.

3. Invest. The average populace gets terrified when the subject of investing is broached to them. There are stocks and mutual funds that do not need a lot of initial cash to start. Investment specialists will cordially give you adequate information for free. Investing early and applying the power of compound interest (which Einstein calls as the "8th wonder of the world") is something that you should not ignore.

4. Be debt-free. Oftentimes, the enticing lures of those approved credit card applications that steep your mailboxes seduce you and next thing, you find ourselves engorged with all sorts of credit cards - with maximized credit limits and impending bankruptcy. Usually, when you have credit cards at hand, you tend to spend extravagantly because the outflow of money is invisible; you just get into a shocked mode when the account statements come in. But you can always start afresh. There are financial institutions that specialize in that aspect, and they surely do a good job. Otherwise, you can extricate yourself from debt slowly through your own efforts.

5. Focus on your vision. Look beyond the present ordeal (of scrimping and being a plain Joe/Jane) and savor the forthcoming benefits of your toils. Don't be discouraged about what the Joneses may have and say; their Escalades may clobber your 1990 Ford, but its that behemoth vehicle that will keep them working until they are 69 and decrepit. A partner or spouse who shares compatible ideals with you will surely help ease your odyssey.

Most Baby boomers with ages ranging from 43 to 62, have their attention fixated at the idea of early retirement. The boom generation is known to be freedom-lovers; they have high anxiety about aging and death. So they are constantly searching for panacea for their fears, and wish to enjoy life more than other generational groups. They are capable of cultivating super traits to attain their aspiration, and a lot can be learned from taking their experiences into account.

The boomers have been noted to embark on Cruise to Cash, a unique home based business that is currently dominating the online travel marketplace, and have expressed warm commendation and delight about their smart choice.

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