It’s Okay If Quarantine Is Making You Want To Retire Early
You may have been pushing aside retirement, and fighting against ageism to do so for years, only to find yourself loving every minute of the more relaxing routine you’ve created for yourself since quarantine started. It’s hard to see so many people losing their jobs and be thinking about potentially giving up yours.
It’s okay to want to retire early. In fact, not only will it be great for you if you are able to step back from work earlier than you originally planned, but don’t forget that you will be opening your position for someone else that is currently out of work.
As a society we should be embracing those of you who want to retire early, rather than making them feel guilty for possibly not appreciating a job that millions of people would love to have right now. Your big decision will not only impact you, but also how many more jobs are available in the coming months for those out of work.
If you are thinking about retiring early, these are some things you should be considering to make sure retirement is right for you.
Make Sure You’re In It For The Long Run
It might seem like an ideal situation to be home 24/7, but will you feel that way in a few months? Make sure you understand the undertaking it will be to entertain yourself day after day for all those hours you are currently dedicating to your career. Do you have hobbies, freelance opportunities, or even an abundance of travel destinations you plan to visit? It’s important to keep your brain active even when you are retired, so make sure you are ready!
Make Sure You Budget For Multiple Scenarios
You never know what the future holds, so it’s important to plan for many different scenarios that could pop up during your retirement. Will you need a new house, vacation budget, medical funds, or more? Don’t account for what you hope will happen, Rather account for what could potentially happen.
Look At What You Can Cut
You may not need to make any changes to your way of life to save money during retirement, but if you do you may find that you are able to splurge in other areas of your life, or create a rainy day fund just in case your plan doesn’t account for something. Can you cut costs anywhere? Evaluate each of your monthly bills to see if there is anywhere you can save.
Invest In Ways That Will Pay You Each Month
If you are lucky enough to have extra money as you retire you may think of ways to invest that cash. It’s important to find investments that will pay you monthly so that even if you find yourself with less money later on in retirement you can still count on the income from items like rent you charge tenants or stores you’ve invested in to get you through.
Keep An Open Mind
Every day of retirement can be an adventure. Some days will be relaxation opportunities, while others will be adventurous. Maybe you’ll return to work part time or as a volunteer in the future, maybe you’ll launch your own business. Keep an open mind to all the exciting opportunities that are bound to come your way!