Are you ready for retirement? How much do you need to retire and still live the same lifestyle? When should you start saving? Most Americans surprisingly don’t know the answer to these questions.
And even more surprising is that one in every three Americans have no retirement savings at all.
But thankfully, with proper planning, budgeting and saving, it’s not only possible to retire comfortably, but retire EARLY. While doing this at a younger age is ideal, no matter what age you begin saving, you will ultimately be better off and able to live a comfortable lifestyle after saying goodbye to that 9-to-5.
Here are 5 tips that will help lead you to an early retirement:
1. Put a plan together, no matter your age.
Time is your best investment strategy, so starting early and having a plan are key! Even if you’re starting later in life, having a plan will help you determine how much you need to save so that you can meet your financial needs for retirement. In a study of Americans over 50, successful planners – those who stuck with their plans – accumulated three times the amount of wealth than non-planners.
2. Spend wisely.
Don’t get caught up trying to prove to others that you have wealth by spending unnecessarily. There will be plenty of time for those purchases once you have achieved your savings goals.
4. Get educated.
There are numerous retirement and financial planning resources readily available, and they’re often free. Look into the resources available from IRA and tax guru Ed Slott, CPA for all sorts of tips and tricks to end up with more money in retirement.