Many of us would like to have an early retirement at 50 or 55 years of age instead of the traditional age of 62 or 65. Even with today’s economy, that dream is possible to achieve.
Planning for early retirement does not have to be a difficult task, especially if you are just starting out in the working world when money is usually tight. Scarifies will have to be made and immediate gratifications will have to be deferred. You will need early retirement planning and have a good retirement savings plan that will provide the nest egg you that will need for the financial security that is want during your retirement years.
Having a goal in mind is an important first step if you want to retire early. If you goal is to retire living the same lifestyle that you are living at the time of your retirement, then you need to identify the annual expenses involved to live that lifestyle and how much income you need to cover those expenses, and multiply that number by the number of years of your life expectancy.
Furthermore, don’t forget to account for inflation and unexpected emergencies such as medical emergencies due to accidents or natural disasters.
Here are the 3 strategies to revving up your retirement savings: http://time.com/money/4255577/retirement-boost-your-savings