How To Retire Early Even After Losing Your Income

The fact of the matter is that if we could, we would all love to be able to retire early. The age of retirement is constantly increasing, it’s gone from mid sixties to mid seventies already, and the chances are that it will continue to increase. It’s easy to see why the age of retirement is constantly changing – because healthcare is improving and as a result so is our lifespan. However, just because the age of retirement is increasing, that doesn’t mean that you have to wait until that set age to retire. There is always the option of taking early retirement.

 

Perhaps you were always planning on taking early retirement but then, out of nowhere you lost your main income source, and you’ve found yourself wondering what on earth you should do now. In a moment everything has changed, that goal you’ve been working towards now seems out of reach, and your whole life has been turned upside down. In scenarios like this, the important thing is not to panic. The fact is that circumstances change, and normally this occurs as a result of something that unfortunately, you cannot control.

 

The good news is that just because you’ve lost your main income source, that doesn’t mean that you can’t take early retirement, because you can. It’s just a case of finding a new route, that’s all. Bearing that in mind, below are some tips and advice that you should take note of if you’re hoping to take early retirement but have lost your main income source unexpectedly.

How To Retire Early Even After Losing Your Income

Photo source: Pixabay

 

Focus on why you’ve lost your job

 

The first step to working out what you will need to do next is to look at why you lost your job in the first place. This is key, because sometimes when you lose your job for a certain reason, there are ways that you can gain funds back.

 

For instance, let’s say you lost your job for no fault of your own and as a result of redundancies and being laid off. You could be entitled to redundancy severance pay, which you could then use to set yourself up running a small business, if that’s a route that appeals to you.

 

Or for example, say you lost your job after being involved in a serious road traffic accident on your motorcycle because you could no longer do the role that you had. You could opt to contact a motorcycle accident lawyer and look at seeking compensation for what happened to you. You could then use this compensation as savings for your future or to start a business of your own that you could run despite your injuries. Whether a job loss is due to automobile, motorcycle, industrial, or an office place accident, seeking the advice of an attorney should be considered without shame. This is no different from what businesses do to protect their revenue production.

 

Get creative

 

It’s essential that should you lose your job and your main income source that you don’t dwell, and instead you spend your time getting creative. The key factor here is that you take the time to think carefully about what path you want to go down. You might have lost your main income source, but that doesn’t have to mean that you will no longer have one.

 

You have various options to consider. The key here is to think about which option will allow you to earn the most amount of money in the shortest time, so that you can opt to retire early and don’t have to miss out on achieving your retirement goals. You could choose to find another role in a similar field to the one that you worked in previously. Or, you could choose to go down the route of starting a business of your own. What path you take is completely up to you, it’s just a case of weighing up the pros and cons of each option.

 

There you have it, some ideas to start your wheels turning about ways to get back on track to your plans of retiring early, even after losing your main income source.