Good Lifestyle

No matter your age, the idea of ​​being able to move away from your day work is difficult not to fantasize. In the United States, the current average retirement age is 65 for men and 62 for women, according to Forbes . But if you are looking to give life from 9 to 5 even earlier than that, do not lose hope. There are more than a few ways to try to get ahead of the calendar so that you can spend more time enjoying a life of retirement . You do not know where to start? Read more to discover 10 secrets that experts can help you retire early.

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All retirement plans require a certain level of awareness of the management of your finances and the implementation of money each month. But experts say that the process can become even easier if you keep a trace regularly of what you spend and consider how you can maximize potential savings.

"Examine spending in recent months to define your budget base base, then identify the areas that you must reduce, set objectives and describe the steps so that your modifications stick", " family funding expert Andrea Woroch advise. "But monitoring your expenses and savings is also crucial, so use an application that connects all your finances in the same place.

For many people, it may seem that retirement is a deadline on the calendar you need to hit. But if your goal is to stop working as soon as possible, experts point out that it is more logical to focus on the quantity you need instead of needing it.

"It is important to remember that retirement is not an age - that's a number," says Robert Farrington , founder of The college investor . "This number is the amount of savings and investments you have or the amount of income you can generate from your investments. The simple way to calculate your number is to take the income on which you must live and divide it 0.04%. "

"For example, if you think you need $ 80,000 per year to live, you need about $ 2,000,000 saved or invested. If you need $ 100,000 per year, your number is 2 $ 500,000, "he explains further. "Of course, you can work on other ways to generate these $ 80,000 per year with things like pension or retirement services - like the army - and more. But the objective is the basic line. ""

"With this framework in mind, you must see savings as soon as possible to take advantage of the growth made up. Even if you can store $ 100 per month at 18 or 20 years First retirement at the end of the Thirty, "explains Farrington.

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Even the smallest addition to your savings can make a difference, so do not neglect the impact that a few, purchases of smaller pulse can have your plans to retire early.

Woroch warns that "$ 5 here and $ 10 can break out your expense plan and keep you in the pay check for the pay check.

There are many different methods to save for your retirement, from 401K to IRA. But if you are looking to make the most of your folded funds, experts say there is a tactic that can pay big if you start early enough. AE0FCC31AE342FD3A1346EBB1F342FCB

"Now start to contribute to a cash insurance policy for higher retirement withdrawals." Sanju Subnani , A Financial planning and investment Justanswer expert, recommends. "Having cash life in addition to equity investments allows investors to withdraw more retirement income when the stock market is declining. The start of life insurance now gives the time that the cash value accumulates, which means that retirement can happen sooner than late. "

There is no doubt that you are going to put a lot of your own money in retirement so that you can live later in life. Of course, this amount will be allocated by the quantity you make and other unforeseen expenses along the way. If you are able to stimulate the growth of your egg nest in any way, however, taking advantage of the situation can help you achieve your retirement goal much faster.

"Look for free money opportunities, such as the 401K match, the HSA match, etc." never let free money that can help you reach your goal faster. If you need more convincing, saving for retirement in a 401K is simple. All you have to do is register. "

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When you try to prepare for an early retirement, most people focus too much on "the size of their nest", " Chris Urban , CFP, founder of Planning of the wealth of discovery , tell Better life .

"But in reality, the most important factor to consider when retiring in my opinion is how much you really spend," he said. "It is important to think about where you will live, how much it will cost, your overall tax situation (income, property, etc.), your health risks / costs and your short -term goals."

Even for those who have a history of business, the stock market can look like a mercurial and overwhelming place, especially in recent times. But if you are looking to generate more savings, experts say that good investments can be an essential tool in your arsenal to help you achieve your retirement goals much faster.

"Entire cash values ​​are not linked to interest rates or to the stock market, which means that dollars in investment can be invested in fewer bonds and more shares," explains Subnani. "Historically, as actions have exceeded obligations, this may mean that retirement savings can grow at a faster pace than normal."

When you hope to retire early, it may be easy to fix on the finish line rather than on the race course to come. This is why even if you are devoted to the cause, experts say that the implementation of markers of a few kilometers can help you accelerate the pace and move to the place where you need to be with your planning.

"Specific and well thought out objectives will help you concentrate and retire as quickly as possible. An estimated retirement date will give you something to work, even if things bother you and slow you down - because you can always push the Date, "Farrington notes.

"To help you set a realistic retirement date, create a budget and determine how much you will have to spend on retirement. Determine how much you can save and invest until then, what this amount will develop and potentially what you could win with A secondary company, "he suggests. "Then when your savings income are higher than retirement costs, you are ready to retire."

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Everyone should have the chance to have a job that allows them to live comfortably while putting a little new thing for the future. But experts point out that it has never been easier to generate additional income in addition to your regular income.

"Look for a flexible rush You can do during your free time, because there are many options that allow you to work as much or as little as your schedule allows and at home. The additional money you earn can complete your income to help you save money and investments to retire early, "said World.

"For example, if you work at home, you can win up to $ 1,000 per month per month pet via rover.com. Other ideas include the removal of deliveries while you do shopping, the publication of your professional skills for time freelance on Upwork or the offer virtual tutoring Nights and weekends via tutors.com for $ 20 to $ 50 per hour, "she suggests

And if you have invested in other properties as part of your retirement strategy, you can also use it to amplify your cash flow.

"Real estate rental income can help bring retirement together rather than waiting for traditional investments such as actions to grow," added Subnani.

In order to retire early, it is also important to determine how your early retirement will affect your social security payments Before You do it, according to Adam of steierno ,, advisor and founding partner of Strategic Capital.

"Be aware that social security benefits are reduced according to the income earned until they have reached their full retirement age," he explains. "If you plan to retire, consult your financial team early and your tax advisor to determine your full retirement age to maximize your social security services."

Best Life offers the most recent financial information of the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.