Early Retirement

If you are considering early retirement then there are several issues that you need to address. It may be that you have thus far delayed your plans for retirement, this can occur for many reasons; a person may feel that they are too young to be planning their retirement, or they may feel that they do not have the financial resources at the given time to make adequate provisions for their future. But, whatever the reason for putting-off retirement plans, reconsideration of the state of their financial affairs is needed. With a little forethought it is more than possible to create an enjoyable and financially secure future, and chances are, that with good planning, early retirement is more than achievable- early retirement is usually defined as retirement before the State age of retirement, that is 65.

Coping with our contemporary, fast-paced society is difficult, so it is unsurprising how easy it is to put thoughts of retirement to one side, whilst being swept up in the torrent of responsibilities and demands that today’s lifestyle commands of us all. Pensions may appear to some as a financial obligation that can be put-off until next year, or until the next career move or until the children are older...and a whole host of other excuses that allow thoughts of retirement to be disregarded altogether. However, the fact remains that it is never too early or too financially demanding to begin a pension plans.

In the past, the word retirement was synonymous with thoughts of old-age, when people arrived at a stage in their life where they were no longer able to physically work. However, over recent decades, new associations are beginning to take hold in the nation’s psyche, now when people think about retirement; their minds wander through thoughts of travel, university, new hobbies to be embarked upon, and how to get the most from life without the burden of responsibility that can be employment.

If on a Monday morning you peel yourself out of bed, and grudgingly set off in the direction of work wishing you could be somewhere else, golf anyone? Then maybe it is time for you to start thinking about how you can begin making adequate provisions in order to create the future that you dream of, one that is not encumbered by work. The Irish pensions’ landscape can appear to be a daunting road to travel, but successfully navigating the pensions’ highway does not necessitate a degree in mathematics, all that is needed is a little time and a little guidance, and pension providers or financial advisors will be more than happy to offer you to successfully plan for your future financial security.

Regarding early retirement, a successful approach to financial planning is to focus on setting small goals towards financial freedom. Taking small steps at a time will mean that in the long-run it is possible to create a financially secure retirement, without ever having the feeling that an early retirement is out of reach as you do not focus on the end goal, instead the focus is on one, easily achievable goal at a time. It could be that you feel that you will want to retire from work in 20 years time, so you may then set yourself a five-year goal, this could include saving a specified sum during that period.

Taking small steps towards an overall goal will also help you to adjust the way you conduct your pension, for example, you may find that you are able to contribute higher rates than you currently do so, in which case the next step would be to start contributing more. In other words, making small steps means that you are able to change strategies in order to establish which ones work best for you.

This article is based on the authors own observations and research and is not associated with any 3rd party organisations.

By: Rochelle Martinez

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Rochelle Martinez, Freelance Web Content Article Writer for three years. Some of her articles are about money management, pensions and investments.