In fact, worthwhile work in a stretching, yet enjoyable environment is probably much more likely to keep you feeling young, than an enforced early traditional retirement!
And we know that work just is so often not like that - sadly. So, the growing trend for the retirement is based on the fact that people retire early, rather than continue working at something they no longer enjoy at all.
It's likely that upwards of 60% of the population would wish to retire before they were due to - often because of the hassle and lack of fulfilment in the workplace.
Truth is, that there are many benefits in early retirement, though these have to be balanced with the lack of income which can happen if money is taken from the retirement fund and/or that fund is used to pay out earlier.
In fact, significant reductions in benefits occur just because they are going to be drawn from for longer periods.
That's why many people are looking to more unique ways to fund their early departure from the workplace - here are a few ideas:-
1. Property - after the boom at the end of the 90's and early into this decade, property has taken a bit of a slowdown. Yet overall, if you have the vision, the initial funding and are prepared to put your investment on the back burner for a good number of years, most authorities in the subject believe that property will be a good investment.
Bear in mind that you may need to take specialist advice before you buy and that it might be an investment that needs topping up from time to time if you have voids/repairs etc.
2. Stock Market - whilst this is always a difficult one to predict, the value of businesses has, in general, grown to outpace inflation and certainly, over the long-term, to beat simply putting cash into the bank or other forms of cash savings.
It would also be worth investigating other forms of investment in shares, the form of which will vary across countries.
3. In most places in the world there are bonds which are similar to shares yet are spread across a basket, thus reducing the likelihood of disaster (sort of not putting all your eggs in one!).
This also extends to a huge variety of specialisms across all sorts of industries and nations - each with their own special flag-flyer. There is little confidence that these types of investments are any different than sticking a pin in as many have shown poor returns over the years.
4. Online - a growing number of investors are chasing all sorts of opportunities online and it can be a nightmare in finding even a strategy to assess what sort of investment might work best at all. Yet there are reputable business opportunities out there if you look for them, many of which require focus and minimum effort ongoing.
Remember that you can have a lot of fun with online investing e.g. EBay and Google Adwords and you can also lose your shirt. If you can find an investment that involves a one-off payment to get in, rather than one that is the proverbial black hole, you might well be best to give that sort of investment a go - there is no doubt that they can be very lucrative.
Using these as base-lines will set you off thinking about how you can best prepare yourself to quit the day job and get your feet up earlier than the rest.
Then it will be fun to work out how you fill your days - you might even go back to the day job, safe in the knowledge that, on your terms, you can always quit if the going gets too rough!
When life or working conditions become difficult, many people fantasize about early retirement as a form of escape. Early retirement can be a reality if you have taken steps early enough to prepare for this. If you have the foresight and the discipline to set aside savings from your employment income and invested them wisely, perhaps you stand a good chance to do whatever you want to do whenever you want to do it. For people who enjoy their work, mandatory requirement to retire at a certain age may not be looked forward to. They dread the day when they will need to stop going to work as part of a regular routine, fraternizing with their colleagues and basically keeping themselves productively occupied. Another group of people are content with their previous life stage as employees and look forward to transitioning to their next stage of retirement. In summary, different people take to retirement in different ways.
A minority of people start saving for their retirement from their first paycheck. Many people do not start saving for retirement until it is a little too late. Those who started early with saving and investing for retirement, usually can look forward to comfortable retirement. For those who are unprepared, they may survive their retirement out of sheer luck - inheritance from parents who may have passed away or funds from an insurance payout due to the early death of one's spouse. For everyone else who is unprepared, life will be pretty hard during their retirement. They will have to severely limit their choices in terms of quality of accommodation, activities like travel and potentially even the types of food consumed.
Do Not Daydream About Your Retirement; Prepare For It
If you wish to enjoy the flexibility to do whatever you wish upon your retirement, you need to prepare for it by saving and investing wisely according to a financial plan. You can choose to wake up whenever you wish. You may decide to spend time with your friends and neighbors. You can spend time with your grandchildren and watch them grow up. You may wish to work in the garden or take long naps. You can catch up on your favorite TV programs or movies. In fact, your leisure choices are limitless. The key proviso is that you have the financial means to do so. So put in place a retirement plan as early as possible.
There are some who dread retirement, since they miss the sense of order in their day from employment. They do not have any particular hobbies or interests. They may not socialize easily. They just do not know what to do with themselves with all the time they have from retirement. Some of them may take on another job post-retirement. A job that may not demand much in terms of skills or physical strength. These people are contented to work as long as they can and do not look forward to their retirement.
Retirement Jobs Are Increasingly Becoming Available
The issue of retirement jobs may seem really odd to some, but the reality is that not everyone can afford to retire. In developed countries, the two issues of a shrinking population arising from fewer babies being born and an ageing population living beyond the previous lifespan estimates have meant that retirees who need jobs can usually find them. Since more people can expect to live longer, they need to take this extended longevity into their retirement financial planning. For some this may be a little too late, so they will grudgingly have to consider working longer. Many governments around the world have been systematically raising the mandatory retirement age over the last few decades.
Opportunities For Retirement Jobs In Consulting
Many professionals today can develop new careers in retirement by offering their services as consultants in the fields in which they have expertise and from which they retired. This allows them to stay in the workforce without the pressures of day to day job demands. Most will work on a part time basis and others will work as contractors, working only when there is work, leaving plenty of time for hobbies and other interests.
Those lucky enough to have lucrative part-time consulting retirement jobs have the luxury of working productively for short durations at a time, while having the flexibility to spend the rest of their time on other activities like hobbies and social service. Many retirees who elect to work usually do so with a strong work ethic. Businesses may benefit substantially from offering these charged-up, motivated and active retirees.
There is a great span of retirement jobs available for the retiree who is seeking suitable work. Some may be simple and undemanding work at retail stores like fast food joints and cafes right up to high-end consultancy positions. If retirement jobs give retirees some sense of purpose along with other tangible benefits, then society at large benefits too. National welfare systems do not end up being over-burdened.
Both Martin Haworth & Cindy Heller are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Martin Haworth has sinced written about articles on various topics from Finances, Interview Questions and Team Building. ? 2006 Martin Haworth is a coach, writer and entrepreneur. He has a number of projects on the go at any time (in his early 50's!). His current website is at