Did you know that, according to U.S. News and World Report, from 2012 to 2032, an estimated 10,000 Americans will retire every year? The aging of the Baby Boomer generation represents the biggest retiring class, if you will, in American history, a fact which is certain to shake up the economy and make way for our younger workers to finally have their shot at professional success.
What you might not realize is how long Baby Boomers waited to retire. The average Baby Boomer waits until 65-years-old to leave their job and start relying on their retirement funds. If you’re one of many who think waiting until you’re 65 sounds like too much to bear, take heart. With some serious financial planning and dedication, you can successfully make a go of early retirement planning and start enjoying your life without strings a lot sooner.
Three Tips for Successful Early Retirement Planning
- Turn Your Goal into a Realistic Objective
- Get Creative, Healthy to Save More Money
- Get Help from Someone Who Specializes in Early Retirement Planning
For The Boston Globe, the biggest mistake people make when looking to retire early is telling themselves that they want to retire early without ever making any sensible plans to make that happen. The first step to success? Set a realistic, reachable goal for yourself. If you want to have a $300,000 nest egg 20 years from now, set that goal, then start figuring out how to make it happen.
The key to successful early retirement planning, as MarketWatch.com points out, is learning to cut back on your monthly budget. Now, you might hear that and cringe, thinking you’re going to have to live like a pauper until you retire. However, as any expert can tell you, that mentality is way off the mark.
One of the best ways to save money while still living comfortably? Make healthier decisions. Riding a bike, for example, will rid you of weekly gas costs and hundreds to thousands in repair bills every year. Cutting down on food you know is bad for you can keep you out of the doctor’s office and away from expensive medical bills. Think healthy to meet your early retirement goals.
If you’ve already begun the planning process, you know how many retirement planning questions pop up along the way. That’s why, for many people, turning to professionals who specialize in retirement planning is the smartest option. Especially if you’re a neophyte when it comes to matters of finance, a planner can help you avoid danger zones, while optimizing the amount you put away for your future.
Did you retire early? What other tips can you give to our readers looking to do the same? Share your knowledge in the comments below!