What to do if you want to retire at 45 with $35,000 in annual income passively.
Because life is more than just waking up, working, and paying bills.
The key factors that contribute to a person retiring early are not dependent on:
- how old you are,
- how many years you have gone to school, or
- how many years you have worked.
It all comes down to how much money you have.
You can retire from your job as soon as you find a way to replace the income it provides, or at least produce enough income to fund your lifestyle.
Most Americans may think of age 65 as the target retirement age, but many people stop working before they reach that age. According to the U.S. Census Bureau’s American Community Survey, the average retirement age in the U.S. is 64.
If you can invest enough in savings now, you can pay for your retirement by living off your returns.
When I realise that retirement doesn’t magically occur at a certain age (eg 65 years old), but rather when we can afford to pay our annual expenses with passive income, this was truly eye-opening for me.
