Dream or Reality: Is Early Retirement Really Attainable?

Early retirement is a hot topic that almost everyone has an opinion about. Now, early retirement in itself evokes mixed reactions depending on who you ask. But, is it a dream or reality? Let’s dive in.

If you really consider early retirement, then this article is squarely targeted at you. Here’s why.

A survey conducted by GoBankingRates revealed that a whopping 56 per cent of Americans have less than $10,000 in retirement savings. While this may be disturbing, some 33 per cent have absolutely no savings at all!

You may be asking yourself right now whether early retirement is attainable or otherwise. The same survey revealed that the remaining 44 per cent were having the moment of their lives with others saving up to $300,000 or more.

How to save for early retirement.

Early retirement is something that every other person would love to attain. After all, who enjoys working their butts off until age 65!? Everyone loves some level of financial independence. It is actually this that drives people to seek jobs.

But what can you do if you ever need to retire early enough to pursue your passion, live without having to think about work and just have the life of your dreams? As we are about to see, this comes with a raft of concessions and sacrifices.

  • Live a frugal lifestyle: If you ever want to attain early retirement, the truth is that you will have to cut on your expenses. Obviously, you cannot attain early retirement through designer clothing, exotic holiday destinations and popping champagne.

The beauty with living affordably is that even in retirement, you get used to it. This ensures your hard-earned savings don’t get depleted within two years of retirement.

  • Save more: Majority of Americans save 5 per cent of their total income for retirement. This is actually insufficient as it could be depleted by just a single emergency in the life of the retiree.  In short, living off the little personal pension is downright unthinkable. Life can get unbearable.

The trick is pretty simple. The more you save, the earlier you can retire.  And according to Mrmoneymustache, you would need 66 years of work to save enough for retirement, assuming you save only five per cent of your income. Similarly, if you can save half of your salary, in 17 years, you can opt out of employment! It would take you only four years to retire when you are saving 85 per cent!

  • Invest your money: This should have come on top.  Saving more money can be a breeze when you have diverse income streams. In fact, it won’t be as ridiculous as it appears now. Who can save 85 per cent of their total salary! What would they be eating? Office stationery?!

Investing gives you a lifeline. Whether it is a side business or even just creating a blog, you could do just fine. Additionally, this gives you something to do once you retire.

What next after early retirement?

Many people think that early retirees sit somewhere and just relax. This is far from the truth. Others also think that these are a bunch of lazy people who just want sit at home doing nothing.

Early retirees differ from the ordinary 8-5 worker in the sense that the retiree can focus on his/her passion out of employment. Also, the retiree also seems to exercise far much more financial freedom.

Early retirement gives you the opportunity to spend more time doing the things you love. These may be spending more time with family and friends, travelling the world, pursuing your passion and much more.


So, yes, early retirement is attainable. With a workable savings plan and the determination to achieve financial independence, you could easily save more and retire early! However, with the right investment decisions and a creative mindset, you do not have to live like a beggar just to retire early.

Charles Dearing

Writer & Blogger at at Patient Sites
Charles Dearing a writer and blogger with strong marketing skills. He writes for Patient Sites, a marketing agency for physical therapists, and his articles can be read on many business and marketing blogs.

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