Fantasies of a round-the-world cruise, sundowners on a seaside terrace or writing a best-selling novel can make work endurable. The good news for many is that the dream of an early retirement is being realised[2], with nearly two thirds (60%) of those stopping work this year doing so before their expected State Pension age or company pension retirement date.<\/p>\n
Escape the daily grind <\/strong> The opportunities that retirement brings are limitless, with travelling or spending long periods abroad high on many people\u2019s wish lists. The average age of those retiring early is 57, and early retirees are planning to make the most of their free time \u2013 over a third (37%) plan to take up a new hobby or sport, 27% will start voluntary or charity work, and nearly a fifth (17%) are planning a long-term holiday or gap year.<\/p>\n Meeting your life goals<\/strong> To retire earlier requires planning, discipline and paying close attention to your savings and investments. But the sacrifices and extra effort are worth it to enable you to have more opportunities to spend time with the people you care about.<\/p>\n Reasons to start saving for retirement early<\/strong><\/p>\n You\u2019ll prepare in a more relaxed way<\/strong> Earn more thanks to compound interest<\/strong> You will enjoy greater peace of mind<\/strong> You could retire earlier<\/strong> Plan when you have more disposable income<\/strong> Source data:<\/strong> Taking the steps now to prepare yourself for retirement With increasing numbers of people working past traditional retirement ages[1], stopping work can seem a long way off, especially for younger people. But it\u2019s the dream of an early retirement that keeps many people going through the daily work grind.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[229],"tags":[],"_links":{"self":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/posts\/2451"}],"collection":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/comments?post=2451"}],"version-history":[{"count":0,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/posts\/2451\/revisions"}],"wp:attachment":[{"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/media?parent=2451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/categories?post=2451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teessidefinancial.com\/news\/wp-json\/wp\/v2\/tags?post=2451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nIt appears that those planning to escape the daily grind early feel the most comfortable when it comes to their financial situation in retirement \u2013 with over half (56%) saying they feel financially well prepared, compared with 49% of those working towards their expected retirement date. That\u2019s reflected in the numbers taking financial advice \u2013 68% of early retirees are seeking professional advice compared with 60% of those working until their projected retirement age.<\/p>\n
\nBut early retirement also can bring with it the challenges of meeting your life goals, such as funding a child\u2019s education and their wedding, along with bearing household expenses long after you\u2019ve retired because of increasing life expectancy.<\/p>\n
\nSaving for 30 years instead of 10 means you can put away less money each month and reach the same target. It\u2019ll also mean you have cash left over to spend on yourself in the meantime.<\/p>\n
\nIf you start saving today, you\u2019ll earn more because interest payments build up \u2013 every interest payment you receive starts earning corresponding interest itself right away.<\/p>\n
\nPutting in place a plan for your retirement means you can start looking forward to a more comfortable retirement. You\u2019ll feel more confident about life after work knowing things are taken care of from a financial perspective.<\/p>\n
\nIf you manage your wealth and retirement planning wisely, you might find you\u2019re ready to retire younger than you\u2019d imagined. Give yourself more time for the things you\u2019ve always dreamed of doing.<\/p>\n
\nIt\u2019s normally the case that you have more disposable income from your twenties into your early forties. Later in life, you may find that you have more responsibilities \u2013 children\u2019s education and mortgage payments, for example \u2013 and find it harder to put money into your retirement fund every month. Start early while you have extra funds. \u03c4<\/p>\n
\n[1] https:\/\/www.ons.gov.uk\/employmentandlabourmarket\/peopleinwork\/employmentandemployeetypes\/articles\/fivefactsaboutolderpeopleatwork\/2016 -10-01
\n[2] Research Plus conducted an independent online survey for Prudential between
\n29 November and 11 December 2017 among 9,896 non-retired UK adults aged 45+, including 1,000 planning to retire in 2018.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"