Persuasive Essay On Retirement

COULD YOU SAVE YOURSELF TO AN EARLY RETIREMENT?

Do many people dream of being able to retire early? By early I mean before even being eligible to draw down from a private pension. I actually think that a lot of people do have this dream but discount it because they think that they would never be able to manage to save enough money to live on for an extended period of time.

Obviously the amount of money you would need varies considerably depending on the kind of lifestyle you are likely to want during your retirement; if you are thinking in terms of travelling the word in luxury style then you really do need to plan for a hefty pot of gold, however, should you be hoping for a relatively simple life then your income could be substantially lower and far more feasible.

There are some details which should be factored in: o You will not be occupied for eight to ten hours per day simply working/commuting to work – how you wish to fill that time will determine how much money you need to live on. If you want to own a yacht and spend your days sailing the seas it will cost more than if you would prefer to spend time raising animals and growing vegetables.

• You will have to calculate the size of the investment sum that you require in order to produce sufficient income whilst ensuring that the ‘pot’ never actually diminishes – inflation must be factored into this calculation, the younger you are the more you will be relying on your calculations being pretty accurate to see you through.

Once you know how much you will need to see you through a longer period of retirement then you can work out where this money is going to come from!

Lower Your Basic Cost of Living

In reality, the less money you need to live on, the more you’ll be able to save, and the sooner you’ll be able to