Most people dream of getting to retirement and having copious amounts of free time and money to live the life they want. But it doesn’t just happen because you want it to, it takes a lot of planning, hard work, and self-discipline. The good news is that those things are available to literally everyone! And that means the retirement of your dreams is also out there for you to reach out and grab! It may take a few years, but the sooner you start the more likely you’ll be to make it happen.
Here are Five Fast Facts on saving now to retire sooner:
- 👍 So Many Thumbs! - There are a lot of “rules of thumb” that different people use to suggest how much to save for retirement. No matter which one you choose, make sure you actually understand it, work the math out for yourself, and work with a financial planner to ensure it covers your particular situation.
- 🚫 Cut It Out - One of the single biggest things you can do to save money now to ensure an early retirement is to cut your expenses. In order to save money you have to spend less than you earn, and the biggest way to do that is to only spend money on the things that are necessary or matter most. No, you don’t actually need that $8 Starbucks every day.
- 🥷 Pay It Down - Debt is the assassin of your retirement dreams. You can’t really save money for the future when you owe buckets of cash today. Create a detailed plan to get out of debt, and then SAVE the money you used to spend on that debt once it's paid off. You’ll literally not notice it being gone, and your future self will thank you. Also, having no debt once you retire will help keep your costs low and make what you have saved stretch even further.
- 💰 Bulk Up - Another key to building your retirement stash is to increase your income. Whether this means climbing the ladder at your current job or starting a side hustle, it doesn’t really matter how you do it. An added bonus is that you might be able to keep that side hustle going after retiring to help stretch your savings even further.
- 📝 Sound Habits - It all comes down to the basics: smart choices and planning. You can’t manage something you don’t know, so if you don’t have a budget you need to make one pronto! If you do have one that you ignore, then flex your self-discipline muscles and start following it!
🔥Bottom line: A fabulous retirement is possible to achieve, if you do the right things. It is especially important to start early to let compounding interest on investments do the heavy lifting for you, so get with a financial planner and get started today!
Have you started saving for retirement?
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