The steps you need to take prepare your finances when you plan to retire early at 45. This includes planning the kind of retired life, retirement savings needed, regular retirement investments required, besides provisions for retirement housing and retirement healthcare costs.
Edited Highlights 1:19 First step when preparing for early retirement or retiring at 45, ask yourself how will spend your life in retirement
1:48 A lot of people mistakenly think that they need early retirement when they actually have a problem with their job or profession
2:22 What would you spend your time after early retirement?
2:28 Depending on the answer to the question, determine you financial requirements for retirement
2:40 The next question is how much money you will need to lead a regular life after an early retirement
2:46 You will need larger saving for retired life after an early retirement when compared to a regular retirement
3:11 Now, in a far shorter work life you need to accumulate enough savings for a longer retired life
3:48 Retirement savings will need earn enough in retirement and covers regular and periodic costs
3:54 It should be able to cover even unanticipated costs
4:23 With the retirement savings target fixed, determine how much need to spend and invest
4:33 You will need to invest more since you will need to save more in a shorter work life
5:08 Be prepared for compromises like cutting down on some expenses
