How To Retire At 55

How Im able to retire at 55 and how you can too.

How to retire at 55. Spreadsheets are fantastic tools to model financials and make pretty charts. Youd need at least an estimated 650000 pension pot to retire at the age of 55 or 57. Jumping from a plane is easy.

Make sure you plan ahead so that you can retire at 55 Retiring early takes dedication and commitment to save rather than spend when youre young and still working. Natalie 55 has 586000 in investments and a small 17000 a year pension that starts when she reaches age 60. If youre really going to execute your plan for how to retire at 55 pretend like your retirement savings dont exist.

That way youre certain that the income will never stop. The only way to retire at 55 and guarantee that you wont run out of money is to purchase a pension annuity. Youll need to calculate your expenses to figure out what a reasonable annual income looks like.

You should check whether your employer can cover you into retirement. The Australian Bureau of Statistics reports the average retirement age for men and women in the last five years was 62 and 60 respectively. Buy an investment property preferably positively geared in an area where prices have increased yearly.

Youll never retire at 55 simply by stashing cash under the bed. Danny Cox chartered financial. Or if you can get by on 50 of your household incomesay you pay off your mortgage or you significantly downsize your home to cut your post-retirement expensesa nest egg of 12 times your final income may be enough.

The chances are that those able to retire earlier have less stress have planned and managed their lives better with respect to finances health and career and are able to retire. The hard part is hitting the ground. Get started early invest as much as you can set clear goals and you too could retire at 55 with enough money saved to truly enjoy your best years.