As I always say, retirement is either the longest holiday of your life, or the longest period of unemployment!  But what if you have the chance to retire early – how can you make it happen?

Firstly, you need to build up a pot of your own money. Think of the State Pension as an added extra which you can benefit from when you reach retirement age. You need to work out how to maximise your own pot of money and the best way is to start early.

Save as much as you can while you’re working and start investing early – take advantage of that compound interest! If you started saving when you were 25, you could accumulate 35 per cent more over the length of your career than somebody who started saving the same amount at 35. It’s also important to make sure you’re investing with the right level of risk depending on what stage of life you’re at.

You need to be realistic about your retirement goals. Think about the net figure that will give you enough to live on each year, with a lifestyle that suits you. I cannot recommend a specific sum as everyone is different – if like me, you enjoy going to the theatre and a bit of retail therapy, think about how much that pastime costs you each month. Also don’t forget to factor in things like insurance and care costs.

Finally, keep focused on your own personal goals. Remember, it’s your retirement plan, not a colleague, neighbour or relative.

If you’d like to talk over your goal to retire early in more detail, please contact us to find out how we can help you.

No individual investment advice is given, nor intended to be given in this article and liability will be accepted in respect of any action you may take as a result of reading this article. If you are unsure you are urged to take independent investment advice.