Start Early

1. Start Early

The earlier you start to save for your retirement, the easier it will be for you to retire early, when you want to, so you can enjoy your golden years. Knowing how to retire early will help you meet this goal. When you start early, you have more time to meet your retirement investment goals, and you can take advantage of compound interest to really watch your money grow.
Take Advantage of Retirement Plans

2. Take Advantage of Retirement Plans

Make sure to take advantage of all retirement plans you are eligible for, and to get all the tax benefits you are eligible for under these plans. Retirement accounts such as 401k and IRA accounts can really be helpful in saving up to retire early. Early retirement planning means taking advantage of every investment and retirement method you can.
Use Employer Matching Funds to the Maximum Allowed Amount

3. Use Employer Matching Funds to The Maximum Allowed Amount

Take advantage of any employer matching funds. Many companies offer matching fund contributions for retirement and investment plans instead of the traditional pension, and you can usually have up to five percent of your income matched by your employer. Take advantage of this free retirement money, and make sure to contribute an amount that makes you eligible for the maximum company match.
Cut On Your Spending Habits

4. Cut on Your Spending Habits

Cutting back and spending less is a critical step to retiring early, unless you have a trust fund or inheritance. Budget your money, and take a realistic and truthful evaluation of your spending habits. Look at areas where spending cuts could be made, and take these savings and invest them. The more money you amass in your retirement accounts, the better you will be able to retire early and not work through your golden years.
Eliminate All of Your Credit Card Debt

5. Eliminate All of Your Credit Card Debt

This may seem harsh, and you do not have to give up your credit cards, but pay off any balance you owe. Make sure to pay any charges through the month each month. Many card companies charge from twelve to twenty percent interest, which is a big waste of your money. Instead, early retirement planning calls for eliminating your credit card debt and paying the bill every month in full.
Minimize Your Investment Risks

6. Minimize Your Investment Risks

When you are building a retirement investment portfolio, do not include high risk investments that could cause you to lose it all. This is the fastest way to never be able to retire. Instead look for investments with stable and steady growth, which offers smaller gains over time but a higher level of capital security and protection.
Have a Well Diversified Retirement Investment Portfolio

7. Have a Well Diversified Retirement Investment Portfolio

A well diversified portfolio will help you have many different types of investments, to guarantee a small yet stable return year after year. Even if some investments are doing poorly, others will be doing great, and this balances the activity out and protects you against large trading losses.
Pay Off Your Home Mortgage

8. Pay Off Your Home Mortgage

By paying off your home mortgage and any loans or other high interest debt, you will see substantial savings. These savings can be invested to make it possible to retire early. Because mortgages and other loans charge interest, early payment of your mortgage or loan could save you hundreds, or even thousands, of dollars.
Invest In Real Estate

9. Invest in Real Estate

One way to retire early is to invest in real estate and become a landlord, especially now when market is low and real estate is cheap. Buying property to rent makes good financial sense. Your rental payments from tenants will make the mortgage payment, and once the mortgage is paid off the real estate can be sold or continued as a rental property, in which case you get the rental income instead of it being used to make the mortgage payment.
Plan Ahead and Budget Realistically

10. Plan Ahead and Budget Realistically

It is possible to retire early, but to do so you must plan ahead, and budget realistically. You must determine at what age you want to retire, as well as answer the question how much money do I need to retire? Planning ahead can help you meet your investment and retirement goals, making early retirement a possibility if you choose.

0 to “ 10 Tips How to Retire Early”

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    Thomas Says:

    I would disagree with the above comment that cities are not worth it. It costs more to live in a city (Boston, where I live it will cost about $600-800 to rent a room), but the good paying jobs are in the cities if you have an education. Moving to a cheaper city (e.g. Greensboro, NC) can cause your housing expenses to be about half that ($300-400 to rent a room), while still providing jobs.

    Living in the sticks virtually guarantees low wages unless you are commuting in which case your life is eaten up in traffic and gasoline.

    I bought a foreclosed condo in Boston and my roomate’s rent pays ALL the bills (I live for free). I can bicycle or take the subway most anywhere I want to go.

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    young-in-dc Says:

    These are all right on. If you can’t afford to save you are either living beyond your means or should consider moving to a location where you can save. Cities are very expensive and compensation almost always doesn’t make up for it (in my expirience at least).

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    PJ Says:

    We all would love to retire early, but many of the things listed here simply are not realistic. With the cost of living rising by leaps and bounds, many people live paycheck to paycheck and cannot afford to put enough money into a retirement plan to make a difference.

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