Advancements in technologies have strengthened the job sector.
For professionals approaching retirement, job security is strong – but many find that they simply don’t need to continue working for longer.
With key innovations and digital platforms enhancing opportunities for older workers, it’s a fruitful time for earning and saving money for a long and happy retirement. No matter which stage you’ve reached in your career journey, it’s always worth knowing more about the tools that could drive you towards an early retirement.
Factors enabling early retirement: Our top 5
- Remote work and flexibility
Digital technologies have allowed for remote work opportunities. With this advent, individuals can continue to thrive in their careers and enjoy the bonus of the freedom to choose where they work.
Removing the need to commute and appear in a corporate setting can make it easier for people to manage their work as they approach retirement, minimising physical and emotional strain. And since remote workers could have a 54% lower carbon footprint than individuals who commute, it’s the more sustainable option too.
- Financial planning apps
Online apps and financial mobile apps make personal financial decisions easier. Contacting the bank is now a streamlined process, and it’s no longer necessary to leave the house to organise personal bank accounts.
Money management platforms and online banking apps can only be used effectively when an individual has control over their money. Basic strategies like budgeting and tracking your spending should never be overlooked, especially before retirement. To stay organised, many retirees also choose to use retirement planning tools like an online equity release calculator too.
- Investment platforms
An investment platform allows private investors to hold and buy multiple investments in one place, often either online or using a handy smartphone app. As investment strategies become more accessible, they provide a lucrative opportunity for those who might be saving for retirement.
Quick and convenient access to stocks, shares, bonds and other investments allows individuals to build on their wealth. This is particularly useful near retirement and could enable early retirees to have more control over their decisions once they stop work completely.
- Higher-paid jobs
Advancements in technology have enabled workers to gain specific skills and start working in high-paid positions. Some individuals simply don’t need to work until the retirement age.
Where even the previous generation saw comparatively high numbers of manual labourers in working-class households, it’s not uncommon for workers to earn a high salary after their 50s and into their 60s. In fact, the median salary for men aged 60 and over is still higher than that for men between 18 and 29.
- Gig economy and side-hustles
Lastly, many individuals choose to pursue a side-hustle after they’ve finished their original career.
These opportunities have been facilitated and strengthened by technology, with digital platforms enabling workers to work remotely from almost anywhere. These additional income sources make a valuable contribution to retirement savings too.
Whether it’s freelance copywriting or business consultancy, retirees can leverage their existing skillsets and only work according to their own schedule. This is a fantastic way to boost earnings and stay productive through and into early retirement, all while enjoying the benefits of added free time to enjoy life.
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