George Foreman is a former American boxer, twice world champion in the heavyweight category. Nicknamed Big George, he became a successful businessman
It doesn't make sense to be in a hurry thinking about at what age it would be ideal to retire if you don't even have a well-armed retirement plan yet. It's not just about breaking the bond you have with work and finally feeling independent, it's also about being prepared for this, so that you can be comfortable and live these years in the best possible way, without worries.
The term “financial independence” and retirement are often used interchangeably. Both are achieved when you have enough combined savings, investment income, and/or pension income to cover your living expenses. Retirement, according to the dictionary, means to “withdraw from one’s position or occupation or active working life.” You can achieve retirement when you have sources of income that do not have to be earned by working.
Retirement is expensive. Experts estimate that you will need 70 to 90 percent of your preretirement income to maintain your standard of living when you stop working. It's impossible that this doesn't require preparation, like investments, many savings, different incomes and a plan for them, etc.
To achieve retirement, you need to plan ahead and save accordingly. It is best to start saving young (in your 20s or 30s) and put away at least 10% of your income each year. You know that saving is a rewarding habit. If you’re not saving, it’s time to get started. Start small if you have to and try to increase the amount you save each month.