Tips for Early Retirement

When it comes to retirement, the sooner the better should be the voice of many people. However, You need get full Physical and mental preparation. Thinking of this, perhaps we will reconsider about early retirement.

Retirement savings

Early retirement, it also means money-making days are correspondingly shorter  and more time on consumpting and spending. There is a certain need for more retirement savings.

Post-retirement income

 Think about whether you have any other income including your investment? If you have property rental income, annuity income, bond interest or stock dividends, you will be able to live your retirement comfortably and securely. Otherwise, you can consider doing part-time, first half-retirement, to help make up for the livelihood.

Health care

 Before deciding to retire early, check whether you have adequate medical insurance coverage or whether you can continue to enjoy the medical benefits provided by your employer after retirement. Without adequate medical care, a major illness can cost you your life savings.

Debt

 Some people think that work is to pay off debts, such as after you buy a house, you may need to pay off your mortgage for most of your life. If the debt is not paid off, early retirement may be premature.

A change in life

Enjoy more time of your own, but at the same time will lose the spiritual support. Think about your goals in retirement. More time to eat, drink and have fun will make your expenses increase. By making a good budget and managing your expenses properly, you can make sure you have enough money to enjoy your retirement.

Support from partners and family

 Early retirement is not a one-man thing, and if you have the support of your partner and family, you have a better chance of retiring happily.

Retirement planning considerations

To avoid thinking about pension plans, you can start planning in the following directions and estimate your future retirement capital. The more relaxed your retirement budget, the more you can, the more you should consider the above factors and risks and develop appropriate investment and financial strategies to achieve the goal of saving enough to save enough retirement capital. The earlier the retirement planning, the better, and the longer the savings and investment periods, the more re-interest it will have, helping to increase retirement capital.

It is recommended that you carefully review the management of your MPF, savings, investments and insurance plans as soon as possible.