Early retirement planning has a different meaning for different people. For example, for some people it might be the start of something new and adventurous, while for others it can be a period of relaxation. But, before you go for anything, you need to plan. Plan in order to ensure that you know what you want to achieve and what you don’t want to.
“Plan your work and then work your plan” is a great way to summarize what retirement planning is all about.
Early retirement planningincludes everything you want to do during retirement, just like travelling all around the world, pursuing new hobbies like painting, or even going for social work. It also includes drawing out plans for your savings according to your current expenses.
Put a time frame on your plan
Setting time limits for your goals is really important. It helps you measure your work rate. In order to make an effective plan, always put a “to be accomplished by” date on each step.
For example, in case you are planning to retire to Spain in a time of 2 years, learning to speak Spanish in 10 months would be a step closer to achieving a goal that you can use to measure your progress.
While some plans might turn out to be really important, some might become not so important later, too. Also, it is not necessary to have the same list as your spouse. It’s okay to be different. However, this does makes your life beautiful. When both of you combine your goals, it becomes easier to accomplish them. So, blending goals in early retirement plans can be really beneficial, too. But never overstress on writing these plans. Also, you should start saving now to prepare for your early retirement planning.