Retirement Tips

Keen to Retire Earlier than Planned? Keep these Points in Mind

Most Americans dream of being able to retire early in a convenient and comfortable living environment, surrounded by those that they care about the most. However, with so many changes that have taken place over the past few years, retirement can seem further away than ever before for many people – and some may now even think that they’ll never be able to retire because of the lack of income after doing so. 

If you intend retiring earlier than usual with a decently sized nest egg, you’ll need to keep the advice below in mind:

Establish a Plan

Several working Americans completely forget to even think about retirement. Although you may have already set up your 401(k), you may not be taking full advantage of retirement savings options that are available to you. 

These days, several online retirement tools are available to help you determine where you are with your current savings plan, as well as how far you still have to go until you reach your goal of being financially comfortable during this time of your life. 

Start by establishing goals and familiarizing yourself with your company’s retirement plans and policies as soon as possible – you may find that they’re willing to make matching contributions, which technically equates to free money towards your retirement goals. 

If you’re feeling overwhelmed at the idea of trying to set up a financial plan for your retirement, don’t hesitate to et in touch with a professional advisor for assistance.

Consider your Position in Life

The approach you take towards planning for your retirement will largely depend on your current age, income, assets you own and the age you want to be when you stop working. For instance, if you’re in your 20s or 30s and want to retire at 55, you’ll need to make aggressive contributions towards a good retirement plan. 

If you’re closer to retirement age, it’s still not too late to start working on funding your retirement> making small adjustments such as directing funds into your IRA or reducing unnecessary expenses can have a tremendous impact on retirement savings – far more than you realize.

Think Positively about your Retirement

While it may seem scary to think about the time that you’ll no longer be working, retirement will be your ultimate goal if you intend relaxing and being as comfortable as possible during this part of your life. 

You should also be thinking of retirement as your end goal instead of something unknown. While it may be the time for you to reduce living expenses, it should also be the time of your life where you no longer have to stress over a job or income.

Don’t allow daily life and an overfull schedule let you forget about putting a practical retirement plan into place. Although determining what your expenses will be during retirement is a relatively simple process, you’re welcome to get in touch with one of our financial advisors if you require assistance in this regard.