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A Senior’s Guide to Early Retirement

early retirement

The steps to take for an early retirement.

We all crave retirement as soon as possible so that we can  live more peacefully, stop the rat race of life, and reduce our stress. Although it may seem like an unrealistic fantasy, early retirement is available to most people, even you. It just requires us to take the appropriate steps to make it happen.

Save Your Money Now

Financial independence is a wonderful synonym to use in place of retirement. In fact, retirement isn’t attached to a specific age or group of people, it’s all about doing exactly what you want, when you want.

And absolutely anyone can do it. Financial independence is simply being able to have enough money to support yourself for the rest of your life. The crux of this stems from how much you spend, which will help you determine how much you need to save.

The first step is to actually track your current spending habits. Where can you reduce any unnecessary expenses? It’s important to note that your spending is likely to alter when you actually retire. Travel costs may rise, while the cost of commuting will decrease. However, getting control of your spending will allow you to determine how soon you could retire comfortably.

Invest In Mutual Funds, Stocks, or 401(k)

Just as curbing spending is important for those thinking about retirement, so is investing money in a variety of options.

By investing in low-cost mutual funds, there is a low risk of a major impact to your portfolio. Therefore, your money will stay relatively the same, but over time, any increase will be a benefit for your retirement.

Depending on the 401(k) plan that your workplace used, your portfolio will vary. However, most companies invest in low-cost stocks and mutual funds, giving you the safe, steady benefit, those who are unfamiliar with the stock market can benefit from.

Pay Off Your Mortgage

A key piece in being able to retire early is keeping housing costs low. If you have managed to completely pay off your mortgage, congratulations. Some retirees choose to live in their home, and use their savings to live off of. However, for some retirees who may not have been successful in saving money for retirement, choosing to sell their home and use the proceeds to fund their retirement is an option. The downside is that the housing market fluctuates, and will affect how much money they actually put away towards their retirement.

In the end retiring early is completely feasible if you are able to plan accordingly and get your finances in order. Early retirement is available for anyone.

Get Ready for Early Retirement with Global Premier Benefits

Are you interested in learning more about early retirement? Contact Global Premier Benefits today! Global Premier Benefits offers education for seniors on healthcare options available to them that could improve their quality of life and defray their healthcare costs as well. We have agents and clients in more than 16 states, including the District of Columbia. Our goal is to enable seniors to live healthy, rewarding lives without compromising their finances. Call us at 1-866-229-8447 to speak with a certified specialist to see if you qualify for extra help! You can also keep up with Global Premier Benefits on Facebook, Twitter, Google+, YouTube, and Pinterest.

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