One of the main reasons that people do not think of an early retirement is two fold –
a) they do not understand what is RETIREMENT and
b) the get goddamn scared seeing some of the calculators on the web
Retirement is a state of mind that allows you to tell your boss ‘F you, I am not coming from tomorrow’. Or play scrabble with your daughter on a Wednesday afternoon when you are cooking for her and Kishore Kumar is blaring away to keep you company.
Of course it is a little more complicated than that, but primarily it is a choice of a lifestyle, a state of mind and of course a sum of ‘I can say F you because of my money’ kind.
Now if you see the calculators, man they are scary. Kids education (Indian parents are absolute suckers for this) in an Ivy league will be about US $ 300,000, your daughter’s marriage (I have attended weddings with Rs. 50,000 budget and Rs. 1, 50,00,000 budget), medical emergencies……these look like you will need Ben’s printing machine before you can retire!
See what gives you pleasure. See what YOU will do. Financial planners who are young do not know enough about retirement. I have seen people in immediate family shift (happily) from J class travel to second ac and 5* suites to ordinary clean 3 * hotels. See how much will you travel. See what YOU will do for pleasure. Will you play golf or watch television? Be realistic, but do not be scary. EQUIP YOURSELF WELL before, before, before YOU go to a financial planner. I recently saw a YOUNG guy (under 28) going to a PMS provider for Rs. 5 million (got through a family settlement). He has no idea that HE is completely un prepared to stand the torture of jargon and innovative explanation of why it became 0.5 million Rs……God bless his soul.
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