The average age for retirement is 65, or at least this is the age that you need to be for you to receive government benefits and for the average retirement program to mature. This is by no means the required age to retire. In fact many individuals are unable to completely retire until they reach the point that they are no longer able to physically work. However it is also possible to avoid this and retire much younger if you know how to retire early.
Needless to say, in order for you to retire early you will need to have a way to support yourself upon retirement. If you plan properly and are able to accumulate enough money to support yourself you can retire at any age you desire. Obviously if you are able to retire comfortably you will need to have enough money to pay your expenses and pursue a hobby or interest and possibly see some of the rest of the world.
The earlier you desire to retire the more you will have to have saved in order to accomplish your goal. If you have enough saved you may be able to live off the interest, but that probably isn’t going to give you a very elaborate lifestyle.
A key differentiator in your lifestyle after retirement may be changes that you make while you are still working.
A residual income opportunity can allow you to completely transform your life. A residual income could supplement your retirement income long after you stopped being directly involved in your business. Residual income is money that comes in over time from work done one time. So what would be a good way to earn an income residually?
A familiar example is an insurance sales person. He or she continues to receive annual commissions from one maybe two sales calls.
Another example is someone who creates a DVD on how to do basic yoga. This person gets paid a small commission on each sale.
A network marketing business is another option. A network marketing or multi-level marketing (MLM) business can be started while you are still working full time. There is usually a small startup fee and little or no inventory. Once you do retire, you have some options. You can start working your business full time which may include some travel. You can continue to work it part time. You may even be in a position to not work it more than a few hours a week and still continue to have your monthly checks increase. This does not happen in the above 2 examples. The main difference with a MLM business is that you are leveraging other people’s success. So, as more people in your downline become successful, the more your monthly check grows. It is a win-win business!
So, is retiring early something you can entertain? The sooner you start to put together a plan to generate an income residually, the earlier you will be able to reap the rewards. And, a MLM business should not be overlooked.