For many of us, retirement is a long way off. The current retirement age is 66, and it will only rise as time goes on. And while an early retirement is certainly appealing, it is often more of a daydream than a reality.

But with a little creativity and hard work, it’s possible to take matters into your own hands and enjoy an early retirement. Read on to find out how.

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Recommended reading: How I Fund My Early Retirement.

Early retirement starts at home

The best early retirement is the one where you barely have to lift a finger, and there’s no better place to start than your own home.

As property and rent prices rise, more and more people are seeking cheap accommodation alternatives. Renting out your spare room provides you with a steady income by using what’s already at your fingertips. You can retire early whilst still receiving a modest monthly income, plus help with the bills.

Alternatively, consider releasing home equity by downsizing to a smaller property. Depending when you bought your property, it might well have accrued considerable value in recent years. Downsizing also decreases your energy bills and property tax, increasing your savings.

Want to take downsizing to the next level? Selling your property entirely and moving into a motorhome, trailer, or even a houseboat. You get a tidy lump sum to fund your retirement, and you can wake up to nature at your doorstep.

But perhaps the most creative way to retire early with your home is by taking out a reverse mortgage. This is a loan that’s taken out against your property equity. However, rather than paying the money back, it is taken out of your equity, freeing up cash to fund your early retirement. Find out more here.

Change roles and branch out into new industries

Early retirement doesn’t necessarily have to mean retiring from the workforce altogether. Indeed, many retirees prefer working, as it keeps them busy whilst still giving them time off to enjoy themselves.

You might have already spoken to your manager about the possibility of semi-retirement, working part-time whilst staying in your current role. But for many of you, the answer is a resounding no.

But have you considered changing your job altogether?

Changing careers is a viable option that can revitalize your work-life by making you face new challenges, open up better pay opportunities, and give you the option of flexible working hours. You keep active and busy, work the hours that suit you, whilst still paying into your pension pot — it’s a great halfway solution that’s the perfect stepping stone to complete early retirement.

And it’s never too late to change careers. In fact, many men and women aged 50 and above are jumping ship to other industries — and they’re flourishing.

So why is this? The fact is, older people tend to have more experience and transferable skills than those individuals just entering the jobs market. These workers are also less likely to jump ship once they’re settled into a role, giving employers some stability.

Create a new résumé that highlights the transferable skills you’ve accumulated over your career. It’s also worth reaching out to friends who might be able to put a good word in for you with their employer.

Become a digital entrepreneur

Digital entrepreneurship is an increasingly attractive option for those seeking an early retirement. Initial investment and overheads are low, much lower than with a physical business. It’s also highly flexible — you work the hours you want, where you want.

Barrier to entry is low, and digital entrepreneurs generally get out of it what they put into it. Your digital business can be launched as a sideline to your primary job, giving you an extra income to contribute towards your retirement nest egg. Alternatively, it can provide you with a relatively passive income, giving you some spending money after retirement.

It’s easy to build a digital business from scratch. There are plenty of free or affordable tools available to help you on your way and loads of creative ways to monetize your passions:

1. Start with a website, an email marketing platform, and one or two social channels. That’s all you need to get going, and at least 50% of that can be done for free (if you don’t factor in the time it takes to learn a bit of tech or create content). A lot of these digital expenses are subscription-based, helping you spread the cost of the initial investment. From easy-to-use website builders like Wix to marketing automation software such as Moosend, anyone can get started with building an online business with easy subscription tools, no matter what their experience is.
2. Find something you love doing and monetize it. Love building ships in bottles? Sell them. Or do you have a passion for history? Create an online course about your favorite periods of history. The best business ideas are often personal (and a bit creative).
3. Learning a lot about blogging, coding, marketing, websites, emails, copywriting etc? Monetize your newfound web knowledge and create some expert-level content in the shape of a course or mastermind that people can join for a small joining fee (or a rolling subscription).  Helping other people find their digital business ideas can be half the fun (and super lucrative — you’ll have a massive captive audience).

Freedom and flexibility are what make digital entrepreneurship such a creative early retirement model. It’s what you make of it.

Connect with friends to achieve early retirement together

You’ve likely gathered a sizable network of friends and colleagues over the years. Many of these will be in a similar position to you: desirable of an early retirement but lacking the path to achieve it.

But by connecting with these individuals, you can create a solid plan that nets you a solid income (or at least a tidy nest egg) by capitalizing on your shared experience.

Reach out to old friends and associates from your time working. Identify the skills you have to offer and work together to create a business plan that takes advantage of these. Be honest about your own pros and cons, and speak candidly about where you want to go.

Do you want a passive business that delivers a modest but regular income? Or do you want to invest in a one-off venture that pays you a single but sizable sum? Get creative — you might find your shared knowledge takes your business to an unexpected (but profitable) niche.

For many, early retirement is but a pipe dream, something reserved solely for the super-wealthy. But with hard work, perseverance, and a little creativity, you can take control of your future and make early retirement a reality.

Use the ideas above as inspiration for your own retirement. Plan carefully, research diligently, and start working towards an early retirement that you can enjoy for years to come.

This post was contributed to Leisure Freak by Patrick Foster of Ecommerce Tips

Ecommerce Tips is an industry-leading ecommerce blog dedicated to sharing business and entrepreneurial insights from the sector. Start growing your business today and check out the latest on Twitter at myecommercetips.