A lot of people have the dream of quitting the corporate world before the standard retirement age and retiring early. This is an attainable goal, but it does require a lot of work and discipline. The following tips can help you work towards an early retirement:
Begin saving as soon as possible
It’s never too soon to begin saving for your retirement, even if you’re still in your 20s. But if you have ambitions to retire early, saving sooner is that much more important. Whether you want to retire five years earlier or 20, you have to consider that those are additional years when you’ll be without the same steady annual salary that you currently have. You have to budget for all the extra bills and expenses you’ll need to pay when you no longer work, and you’ll need a lot more money to make retiring early a reality.
Cut down on spending
You may need to cut down significantly on your current expenses in order to save more money for your early retirement. This might mean getting rid of some of the luxuries in your life, and just focusing on the bare essentials. By making some simple sacrifices today, it can help you plan for a better tomorrow.
Pay off your mortgage
It can be harder to retire when you still have a large loan, such as a mortgage, hanging over your head. But it can especially create a financial burden if you retire sooner. To increase your odds of retiring early, adjust your budget accordingly so that it allows you to pay off your mortgage sooner. If you can time it so that your mortgage is paid off before the age you want to retire at, your chances of being able to afford to retire will be much greater.
Start a small business
Even though you’re still working now, consider starting a small business that requires little to no start-up costs. If it doesn’t work out, you wouldn’t have wasted much, aside from a little bit of your time. But if you do begin generating some revenue, this can help you save more towards an early retirement. Once it is time to retire, you’ll have an additional revenue source if your business is doing well. Depending on the success of your business, you can hire other people to run it so that you don’t have to. Another option could be to sell the business when it’s time to retire.
Do you have dreams of retiring early, but need extra cash to make it happen? If you’re receiving long-term payments from an annuity or a structured settlement, that steady flow of money can help you to take care of expenses and bills in an early retirement. Although a long-term payment schedule can be helpful, receiving your money sooner might make your dreams of retiring early a reality. What if you could just receive some of your structured settlement money upfront, and in one lump sum? You can!
By selling a portion of your future payments to Peachtree Financial Solutions, you can receive that money sooner in a lump sum payment. You can use your lump sum payment to take care of certain expenses, which can help to make it easier to retire early. For instance, you can pay off large amounts of debt, which can help free up your other cash for your early retirement. And by selling just a portion of your future payments, you’ll still keep the remainder of your long-term payment stream intact, so you can also enjoy the continued benefits of a steady cash flow. Contact Peachtree Financial Solutions today to learn more about selling future payments for a lump sum of cash!
Nothing above is meant to provide financial, legal, or tax advice. You should meet with appropriate professionals for such services.