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4 Financial Tips for Retiring Early

4 Financial Tips for Retiring Early

Retiring early is a dream among a growing number of people who are realizing that they do not want to spend some of the best years of their lives working long hours. However, this is easier said than done. People are living longer than in previous generations, so even those who retire at the traditional age can expect to need enough money to support themselves for at least a couple of decades. The earlier you leave the workforce, the more this amount is. This means that you might need to have some good strategies in place to make sure that you don’t run out of money before you run out of time.

Know the Figures

The first thing to do is take a look at your existing finances and figure out how much money you have and how many years you need to make it last. On top of money in retirement accounts and any additional investments, be sure to also consider what you will be getting from Social Security.

Consider Your Lifestyle

Another thing to think about is where you live and if you’ll continue to live there. What is the cost of living there? Do you want to move to another part of the country or even to another place in the world? Your money may go a lot further elsewhere. Of course, you want to make retirement fun, so think as well about what things you are able to be frugal about and what things you absolutely will not compromise on. There’s no point in retiring early only to be miserable because you’re trying to spend so little.

Real Estate Investing

Real estate investing can be a great way to help ensure that you have some income even after you retire. This could mean traveling and renting out the house that you have lived in for years. However, there are other approaches you could take as well. You could purchase a second house or apartment and rent it out as a vacation home if you don’t want to be a full-time tenant. Another opportunity is to purchase shares in rental property as though they are stock, which can still provide you with a passive income without the hassle of being a landlord. You can read a guide on real estate appreciation to help you get a better understanding of how this could be good for your financial health.

Retired Yet Working

For many people, being retired ends up not really meaning retired, at least not in the traditional sense. Some people leave the workforce and realize they miss the structure of work as well as the steady paycheck. Others take the opportunity to work part-time at something they genuinely enjoy or to start their own business. If you had expertise in your field, you might be able to set yourself up as a consultant. Working, even just a few hours per week, can be an excellent way to supplement your retirement savings, but as with spending frugally, only do it if you want to. There’s no sense in retiring only to spend the next decade toiling away at a part-time job that you hate.

 

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