Can you afford to retire in your 50’s?
So if you’ve read the full series of blogs that I have written over the past month – creating a financial
plan in your 30’s and really starting to live that financial plan in your 40’s; then it will come as no surprise that I think you should definitely have a financial plan in your 50’s.
Why? One of the great benefits of what I do is that I get to talk to people all day, every day, about their life. I talk to people in their 20’s, 30’s, 40’s, 50’s, 60’s and 70’s and get to hear about their experiences.
The common regret that most people have in their older years is that they didn’t save enough while they were younger and earning good money. My own view is that they didn’t see far enough into the future to feel the need to save.
Having, or making, a financial plan will get you to see into the future and think about what it is you want. Once you’ve seen that ideal life and want to strive to achieve it, you’ll have a much better chance of being personally and financially successful well into your retirement years.
If you don’t ask yourself the question of whether you can retire young, you’ll never really know the answer. So you need to ask yourself smart questions like: how much do I want to live off in retirement and what assets or Pension incomes will I need to generate that income?
I do believe that anyone can retire at any time, they just need to have thought about it and clarified their answers to the two most important questions highlighted above.
If you can answer the questions above, you are then able to start creating a plan around the answers you give. Then all of a sudden being able to retire in your 50’s or later on in life should become more of a realistic possibility.