Dreaming of early retirement can help you face the nine-to-five.
Men retire at 65 and women at 64 in Switzerland. A survey found most voters would consider working slightly longer. But trends show that many Millennials want to retire sooner. This requires careful planning, ruthless saving and sensible spending. Here are some ways to start saving for early retirement.
Plan when you want to retire and what you want to do. Use this to forecast what you need to save. Remember to account for the different stages of retirement. You're likely to be more active in the earlier years.
You’ve worked out how much you need to save. Now decide how to achieve it. Create a spreadsheet that tracks incomings and outgoings. Separate needs from wants. Question every expense. Set a monthly budget. Make it fun: be innovative in how you stick to it. You could swap your gym membership for workout DVDs. At the supermarket, try swapping expensive products for cheaper alternatives. Save money while learning to cook new dishes!
Side jobs and passive income can boost your bank balance. Consider freelancing or turning a hobby into a side job. Or let out your home on sites such as Airbnb. Great risks bring great rewards. Now is the time to squash fear and self-doubt. Turn that good idea into a business. Look no further than Switzerland’s most famous start-up company, Mindmaze. It made its millennial founder, Lausanne-based Tej Tadi, a billionaire.
It's important to stay motivated. Write a bucket list of adventures and save towards them. You’ll feel rewarded and excited as you tick them off.
