Retirement to me, is when as an individual, I am able to choose whether I “want” to work and not whether I “have” to work. Some people amassed enough to live by, based on their current lifestyle for the rest of their lives, but still remain in the workforce to keep themselves active. To possess this choice, you probably need to have:
- Your own home which is fully paid up
- No more debts
- Adequate health and medical insurance coverage
- Enough savings or continuous income flow to sustain your retirement lifestyle
The aged-old saying for early retirement planning still holds true: put time on your side… When time is your friend, the earlier you start the more you end off with. However, it is not uncommon to have doubts:
- How much is enough really enough?
- Will inflation erode my retirement funds faster than expected?
- What if I outlive my retirement funds?
Do I really need to plan my retirement till Age 99?...
