Want an Early Retirement? Plan for Retirement Abroad
Now if downsizing made you feel unsure, then retiring abroad may be an even bigger leap. But ask yourself why not? Don’t just say no to this idea because it seems too difficult and too time consuming. After all, you’ll retire early, meaning that you’ll still have time and energy to go through the steps of moving abroad.
It’s not as difficult as it sounds, either, and even though it might sound risky from a financial standpoint, you could actually stand to gain a lot of money, especially if you retire to a country where living expenses are lower! That way, your savings will last you even longer!
Keep Increasing Your Savings Rate
A lot of people may fall into a spending trap. The moment they free up some budget and they remember something they wanted to purchase, they often want to ‘treat’ themselves with that purchase.
It is vital for you to redirect the money you save immediately, either towards your savings accounts or towards the debt you’re trying to pay off.