6 Moves That Will Help You Retire Early
It’s important to understand that it doesn’t have to take winning the lottery to be able to retire a few years earlier. You might take one look at your monthly bills, debt status and current revenue and think to yourself that you’ll have to work forever. However, that isn’t always the case. Here are a couple of changes you can make in your life now that will make for an earlier retirement ahead.
1. List your goals for retirement
It is easier to prepare when you know what you are preparing for. What are your goals for your retirement? Your budget will look a little different then than it does now, figuring out how much you are hoping to be able to spend yearly post retirement is important in knowing how much you need to start saving now.
2. Live below your means
Adjusting your living expenses as life goes on is one way you can start planning for an earlier retirement. Sure, you might have needed that bigger house by the school when your kids were younger, but as the house starts getting a little bit less crowded look to see how you can downsize. Like any financial goal you have, cutting back where you can will help you reach your retirement quicker.
3. Pay off debt
When it comes to your debt, try to start with the ones that have the highest interest first. Additionally, you might be able to stop adding to your debt in certain areas. Credit card debt isn’t necessary, try using your rewards debit card where you can so you stop spending money you might not have. Once you have paid down your debt, you can contribute the money you were sending to your bills to your retirement plan to build your nest egg faster.
4. Start that side hustle
You might have thought about ten different business ideas, well now is the time to go for it. Owning your own business opens the door to retiring earlier if you do it right. That extra income that you make from your business can go straight to your retirement fund. Even if it’s not a completely new business, working extra hours in a part time job can also help.
5. Learn how to invest
Depending on how much money you are able to put aside to investing, there are different paths for you to take. The most important thing you can do is educate yourself before you make any decisions on what to do with your money. Investing isn’t always about money, investing in yourself and taking the time to focus on you can lead to an earlier retirement as well.
6. Bank with the best
The best way to stay on track with your retirement plan is sticking with a bank that will help you reach your goals. Here we offer 1.00% cash back, free ATM rebates, and a complete online and mobile banking experience that will be with you on the go. In order to prepare for the future, you need to start now, sign up and be a part of the advantage today.