5 Steps To Plan An Early Retirement

As early as a decade ago, retirement meant hanging up your boots at 60. Today Indians are not shying away from taking a permanent break from work in their late 40s or early 50s. 

An early retirement calls for early planning, perhaps from day one when you start earning. 

1. Start Saving Right From the Word Go

Savings, one of the cornerstones of personal finance, should be the mantra to be followed to the T for early retirement. 

For Example Saving Money - Commute Via Public Transportation, – Bring Your Food to Workplace, – Avoid Impulse Buying, – Avoid Lifestyle-Related Loan

2. Invest in Financial Instruments That Suit Your Need

Investment is equally essential for growing your money and building a large retirement corpus 

Invest in Equities, SIP, Topup in SIP, Increase Your SIP Amount with a Rise in Income

Increase Your SIP Amount with a Rise in Income

3. Take Health Insurance 

Health insurance is another essential consideration for retiring early. Health care costs are rising at an alarming rate and a medical contingency can wipe out your savings in no time. 

4.  Curb Debt

Carrying debt in your retirement years is not advisable. Doing so will not allow you to live a stress-free retired life. Also, with a break in active income, it’s a tall order to repay debt. 

Starting early is the key as it helps you make changes mid-way should the need arise.