One of the perks of living in India is the highly advantageous retirement age. While the rest of the world seems to retire at 60 or over, Indian workers are known to receive their golden handshake at 58. But if 58 still feels like it’s too far off, there are some jobs that can drive than retirement age right down to 40. While it’s ultimately down to education, experience, and overall employability, knowing the right fields to enter from the start can make a marked difference.
Engineers Retire Early, But At A Price
When you’re looking to retire early, it means that you would need to experience the same amount of output as you would a full career to make up for those missed years of work. In engineering, especially those who decide to enter the highly-demanding yet competitive field of electronic engineering, it’s not uncommon to work an 80 to 90-hour workweek. After the age of 40, engineers have the option of going the self-employed route or work as a consultant should they want to keep a foot in the industry. This way, they can enjoy the benefits of early retirement while still having the option of earning an income.
A Journey For The Self-Employed
There are a number of job types that allow you to rake in the cash while you’re still young and fresh, and then afford you to taper down as you get older. Self-employed individuals, business consultants, and analysts all have the opportunity to set their own hours and rates in order to rake in the big salaries in order to build up their retirement. For these workers, a frugal approach to their spending habits during these years is critical in order to enjoy the fruits of their labour, and investing in retirement funds and assets that build equity such as property is a great way to secure funds for retirement.
Actuarial Mathematicians Calculate Their Retirement Lifestyles
It’s not uncommon for an actuarial mathematician to reach millionaire status by the time they reach 40, but that hardly matters when they have a lifestyle that requires permanent funding. Successful early retirees Billy and Akaisha Kaderli have cracked the code of early retirement and now share their secrets with millions of readers. According to the couple, it’s important to determine early on whether you want to retire with less or with more and set up your savings accordingly. This means that even those who don’t earn the six-figure salaries like their actuarial mathematician friends can still retire at the age of 40.
While a high-paying job will make a substantial difference in achieving the coveted early retirement, careful money management and preparation are integral components on the journey to early retirement.