How I Finance My Early Retirement in Finland
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- Опубліковано 3 жов 2024
- I recently read an article explaining why planning to work longer is not a good retirement plan (see link below). The reason for this is most people retire before they intend. Therefore if if you don’t have any other backup plan, you can find yourself in a difficult situation.
I never gave much thought to when I would retire but I assumed it would be somewhere in my late 60’s. I ended up giving up full time work more than a decade early.
Over the years, I had put aside some money for retirement but I never expected to be utilising the funds so early in my life. To cope, I try to keep my day to day expenses as low as possible. When I do earn some extra income, I allow myself to splurge a little.
These are my thoughts on how I am managing my unplanned early retirement finances.
www.cnbc.com/2...
#finland #earlyretirement #fire #finance #expat #expatlife #retirement #retireabroad
Very insightful video.
Thank you for sharing it with us and I hope everything works out for you in retirement.
Much of what you shared in this video is universally true or similar experience, not only for expats. But you seem to have known that already.
People who unwillingly or willingly step out of their old careers have the similar situations. People can sometimes become part-time retired or become self-employed in some ways. Older people do have employment opportunities in some fields. They also have skills, which they can use to do something to create income. Some have some capital they can use to invest in more active ways to at least trying to get higher profits. Or they try flipping houses etc.
Not having to work gives you also more time to do things differently. You can rightsize some of your lifestyle.
You can change your more expensive hobbies to something more affordable though more time consuming. It can actually open new experiences for you.
If you have time at your hands and are still capable enough, you can study something interesting new and try enter some other field and career. It might not give the same income you had in your past career. But of it's "Hot" enough skill, it might.
If I die, or when I die, I don't care how much money I have lost since at death I loose everything anyhow.
Any chance we could see the commercials you were modeling?
@irmelieija even I have not seen the ads myself. The only thing I know is the name of the brand and where (market) the photos/film will be used. The agreement also indicates the time (1 year, 2 years, etc.). I don't even know if it is online, television, billboard, side of a bus. One campaign was for Germany (and filmed in Estonia) so it is quite international. So let me know if you see me on the side of a bus.
@@laterlife2931 I live in Germany! I might even find you on the advertisement. 👍
If you are comfortable in sharing what type of visa you have in Finland? Your insights are great because you lived in many countries. Thank you.
Hi @victorson8051 I don't have a visa (at least I don't think so). I gained residency via the EU-UK (Brexit) Withdrawal Agreement. Under the Withdrawal agreement, I was able to get temporary residency. My resident card is for 5 years. I assume I will need to apply for permanent residency once it expires. You should check the migri website migri.fi/etusivu for information about visas. I find them to be quite helpful whenever I have a question. Let me know if you have any more questions.
@@laterlife2931 Thank you so much. I am a permanent resident here in Finland. An immigrant. Looking forward to learn from as you are way more senior in life. Thank you. I hope we can catch up someday in the capital.
@@laterlife2931 You may apply after 4 years if you wish to. New rules are drafted which is 6 years. not passed in parliament.
@@swabhavika yes, hopefully we can meet up some time. I was just in Helsinki for Easter. I will visit more often once the weather improves.
@victorson8051 that's good to know. I had heard about an increase but I hadn't paid much attention to it. I guess I can apply before my temporary residency expires. I will need to confirm because our (Brexit) rules are different from everyone else. Have you taken the YKI test yet?