Who doesn’t want to retire early? The thought of being able to stop working before age 70 sounds appealing, even though it is a slim reality for most working Americans. There are, however, some strategies that Enterprises TV can share which might make early retirement a little more feasible.
Start Saving More Now
Every financial adviser will more than likely advise clients to start stashing money from paychecks, bonuses or raises into retirement savings accounts as early in working years as possible. For people who haven’t really saved much for retirement due to family or employment issues, once back on their feet, consider saving anywhere from 35 to 50 percent of annual income. This may seem insurmountable. Make it easy by breaking the annual amount into monthly increments and automatically depositing those funds into savings and retirement accounts. If that is financially difficult, try adding 15 percent of annual income to retirement funds.
Gaming the Savings Plan
Think of saving as if it is a game to strategize and win. Find thrifty ways to save on everything from fuel for vehicles, groceries, vacations, and the occasional big ticket item such as a car, new TV or like items. The Enterprises TV show also suggests not making any major lifestyle changes when receiving a significant raise or extra bonus. Live frugally and put the windfall in an interest-bearing retirement account.
Retirement will come sooner than we think, and we need to be ready for it.