Are you among the ones who cannot continue listening to your boss’s tantrums or are already tired of going to office and living the same monotonous life everyday in and out?
If so, you are not the only one.
In an Early Retirement survey conducted by Groww, it is found that as much as 40% Indians, ranging from age groups of 24-45 years plan want to retire early but do not due to several interesting factors. Loans, for example.
We are here to tell you that you do not need to necessarily wait till 60 years to retire, if you plan your investments and savings well.
If so, you are not the only one. In an Early Retirement survey conducted by Groww, it is found that as much as 40% Indians, ranging from age groups of 24-45 years plan want to retire early but do not due to so many factors. We are here to tell you that you do not need to necessarily wait till 60 years to retire, if you plan your investments and savings well.
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The Details of the Survey
In a survey conducted by Groww, essentially of people ranging from age groups 24-45 years, it was vitally observed that about 40% people want to retire early for reasons everyone can relate to and have already been working for it actively by investing at an early age. There are 20.1% people who find themselves investing occasionally.
However, about another 40% people wanting to retire early are the ones who do not invest at all because they’re confused about how and where to start from.
Most Popular Investment Avenues To Secure Early Retirement
People choose different paths to invest while working, panning their early retirement. If you fall among the third category of people and are confused about how and when to start, Groww has suggested the most popular ways to start planning for early retirement.
- Mutual Funds: Known to most, about 72% people actively invest in mutual funds to secure a financially healthy future.
- PPF/FD: Since you cannot use the money until it matures, about 29.5% people find it smart to invest their money into Fixed Deposits and Public Provident Funds.
- Gold/ Real Estate: Considered as an evergreen valuable asset, people have been investing in gold and real estate since a long time. Such people constitute of 16.2%.
- Pension Plans: Last but not the least, you can always go for pension plans. Luckily, now there have been so many schemes and modules available in different banks and also by the government on pension plans. Around 9.6% people link p with this investment plan
Roadblocks To Achieve Early Retirement
Inspite of most people wanting to retire early, they do not. The most vital and prime reasons are illustrated below.
- Loans, liabilities & low cash inflow: 53.4%
- Lack of investing awareness: 30.7%
- No Roadblocks: 20.7%.
Financial Planning To Achieve Early Retirement
Despite all the reasons to not start a healthy planning for future financial health, 40% people have realized the importance of investing early. A brief routine of how these people got into such investments, to help the ones who haven’t started yet, provide with a direction are:
Despite all the reasons to not start a healthy planning for future financial health, 40% people have realized the importance of investing early. A brief routine of how these people got into such investments, to help the ones who haven’t started yet, provide with a direction are:
- 38.5% people made a long term plan themselves
- 28.2% people took help from financial planners
- 23% people did not have a financial roadmap
- 9.9% people have planned for only short term goals.
Some Benefits of Retiring Early
Many people choose to retire early, and doing so can help you achieve your goals, enjoy more experiences and take more pleasure in your day-to-day activities.
- You will be Healthier: Improved mental health due to reduced stress, along with getting to relax and not sitting on a desk or travelling all the time can give you plenty of time to work on yourself to improve your physical health.
- You’ll Spend Cautiously: If you already have a roadmap to retire early, you’ll have a timeline, which means you’ll automatically not spend blindly in your working days. You’ll be cautious and no time, learn to look out for good deals.
- You can explore Newer Interests: Having free time in your younger years is more productive than when you get old. You can travel, go for adrenaline sports, or visit a country. There are an almost unlimited number of things to try and places to see.
- You Can Follow your Passion and Find other Streams of Income: You can discover a new hobby that ends up turning into a lifelong passion, which can obviously make you money. New income streams after retirement might include online writing or selling crafts or art online. The profits for these activities may not be big, but if you love perfecting your art, getting paid for that never hurts.
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