Can I Retire at 55 with 300K?
Updated On Jul 26, 2021
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We all find ourselves at various points in our lives tinkering with our retirement statistics in order to determine the best time to retire. It's about striking a balance between having enough years left in your life to enjoy life and having enough money to not have to worry. Both figures are unique to each individual. Based on the average life expectancy of 78, you could retire at 55 with INR 22,332,600 and have INR 97,0,947 to live on per year.
How To Retire At 55 With 300k?
Retirement isn't as wonderful as you may expect. Many of us yearn for retirement, but when it arrives, we are immediately dissatisfied and life is pretty damn unfulfilling. That is not the purpose of retiring. Starting a small business, side hustle, or passive income employment is an excellent way to learn a new skill, keep yourself busy, and ideally supplement your retirement savings. Assume you retire at 55 with INR 22,332,600 but decide to establish a blog on golf, your one real passion!
Own Your Own Home Before Retirement
There are arguments both for and against retiring with your own home. However, given that you intend to retire sooner, I strongly advise you to buy rather than rent your property. While you will be liable for maintenance charges, you will be protected from rising rental costs. After all, a property that leases for INR 90,000 per month today may rent for INR 148,800 per month in ten years if various outlying locales expand and improve.
Invest Into Home Food Farming
With more time on your hands, you'll want to put your hobbies and skills to good use in order to stretch your money further. Growing your own food is a fantastic method to achieve this. Again, while lettuce may cost INR 74 now, it could cost INR 148 in ten or twenty years. If you applied this increase to your total grocery purchase, you'd be spending twice as much as you do now. If you don't believe this is conceivable, consider this article, which discovered that the average cost of food has risen by 20% in the last ten years.
Indulge Into Cost Effective Hobbies
Retirement is an excellent time to rediscover a pastime that you neglected while working. However, hobbies are costly. If you want to make your INR 22,332,600 last in retirement, you'll need to locate inexpensive pastimes. Ideally, ones that keep you busy while simultaneously providing you with money-saving results (such as food!)
Get A Part Time Job
Taking on a part-time job is one option to supplement your retirement income. If you get a part-time job, it's not quite retirement. However, the job could be in an entirely different industry, and working part-time could lower your workload and stress dramatically. Reducing your hours from a full-time job of approximately 45 hours per week to a part-time employment of 6 to 20 hours per week is an excellent approach to obtain an understanding of what retirement would be like. Part-time money could be utilised to help you prepare for retirement by purchasing gardening equipment, paying off your mortgage, maintaining your property, or establishing a passive income stream.
Retiring at 55 with INR 22,332,600 is only doable if you are already accustomed to living a minimalist life. However, if you are currently spending INR 3,722,100 per year, reducing it to INR 967746 in retirement will be nearly impossible. Finally, consider why you want to retire and what you want from retirement. After all, retiring at 55 is worthless if you're going to be unhappy. That is not the purpose of retiring after having worked for so long.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.