Early retirement is a common objective of many individuals, not just in Australia, but also in other parts of the world. Understandably, no person would embrace the idea of having to work hard longer than they should have to, which is why people nowadays are more proactive on achieving financial security and independence earlier in life.
Retirement is when you can start doing the things you love in life. It’s super rewarding to be able to peacefully enjoy the things you have worked so hard to earn. Hence, it’s not at all that surprising to learn that most people work hard to retire as early as possible.
Unfortunately, for many, early retirement is a dream that is simply out of reach. So if you’re really thinking of making plans to retire before you reach the retirement age…
Here are 3 helpful tips that may just help you turn that dream into reality:
1. Assess Your Current Financial Situation
First things first, it’s essential that you get a good grasp of your current financial standing to know whether it’s possible to have an early retirement.
- Do you have enough money saved?
- What is the total value of your assets?
- Do you have strong performing investments?
Note that financial independence and security is a critical part of early retirement. If you want to live a comfortable and worry-free life after you’ve stopped working, you have to ensure that you have the means to do so.
2. Set Your Financial Objectives
When planning for your financial future, your goals are one of the most important things. Your goal or dream will serve as the core of your plan.
Your goals may change throughout life and that’s totally okay. In fact, it’s completely normal. That is why ongoing financial advice is crucial to ensure your financial strategies are in line with your goals at all times.
Keep in mind that financial plans vary depending on what you want to achieve. Therefore, it’s important for you to arrange and organise your priorities accordingly.
An early retirement is a common goal for many Australians. If that’s you, it’s important to be clear and concise about it. It’s also essential to plan for it!
It’s quite common for people to change their minds about their goals later on in their lives, so there’s no shame in having to rearrange your objectives when the time comes. Just make sure you update your financial plan while you’re at it.
3. Seek Guidance From a Professional
Whether you’re feeling apprehensive about your current financial standing or you’re unsure if your financial plan is in line with your future goals, seeking guidance from a financial advisor can support you in creating your optimal financial plan to help you achieve an early retirement.
To retire early, you need to make intelligent financial decisions. And for this reason, it’s beneficial to enlist the help of a financial advisor that can help you assess your current situation, draw up a timeline for your plan, and guide you towards your dream early retirement.
Early retirement is no easy feat, but it’s not impossible. If you really desire to stop working at a particular age, rely on a trusted financial planner to help you along your financial journey.
Want to retire early but don’t know where to start?
HH Wealth is a financial advisory service provider, offering support to clients who want to grow and protect their money. If you are looking for the best financial advisor in Brisbane to help with your retirement planning, book a complimentary consultation with us today!
CB Wealth Australian Pty Ltd T/As HH Wealth is a Corporate Authorised Representative (No. 1283595) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339 384. Chris Holme is an Authorised Representative (No. 1004793) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339384.
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