Nearly everyone works hard and moves up in their career so that one day they can retire comfortably with all the money they saved. The average person retires from their full-time career between the ages of 62 to 65, but some people have the luxury to retire before then. You may think retiring before 62 or even earlier, may seem impossible but it is more realistic than you might think. With the right savings strategy and plan, you reach and enjoy a peaceful early retirement.
Live Below Your Means
Saving money is critical to retiring, but you have to do more than save a portion of each paycheck. Early retirement is all about how you live and all the big financial decisions you make throughout your life. You need to be content with living below your means and making frugal decisions for you and your family. You should save at least 30 percent of your income each year, saving more and more as you get older. Think about living in a small yet comfortable home and driving an older make and model car.
Cut Housing Costs
One of the biggest expenses for the average American family is their home, which usually includes renovation costs. According to the U.S. Bureau of Labor Statistics, the average person spends one-third of their budgets on housing costs. You should reconsider moving into a bigger home if you are content and comfortable in your current place. Try not to invest in the largest home you can afford and stay in your starter home as long as possible.
One of the most effective ways to reach an early retirement is to invest your money wisely into stocks or regular index funds. You want at least some of your savings to grow and multiply, not just sit in an account. Think about sitting down with a financial planner and looking through the best stocks to invest into for your future.
Global Premier Benefits Can Help You Learn What You Need To Know About Living A Healthy Life As You Age.
Are you interested in learning more about living a healthier and active lifestyle as you age? 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.