More Than Money: Want to Retire Early? Why It’s More Achievable Than You Might Think

Leonard Raskin

Wouldn’t it be great to retire early? While your friends are waiting until age 65 or older, you could be getting a head start on all the things you want to do – long before old age and infirmity begin to slow you down.

It’s a nice dream, but it will remain just that – a dream – unless you take action. Here are five steps that can help you reach your retirement goals sooner:

1. Make Early Retirement a Priority. If you want to retire early, you have to make the necessary commitments. Look at the way you use your financial resources. What do your actions say about your financial priorities? You may have to give up less important things in the present in order to achieve your long-term goal of early retirement.
2. Be Realistic in Your Expectations. Next, look at your financial situation realistically. If you’re 35, have no savings plan, and $10,000 in your retirement account, you’re going to have to make some very big changes in order to retire early. Be realistic about what it will take to meet your goal.
3. Create a Plan. Armed with the willingness to commit, and realistic expectations in mind, create a plan. Your early retirement plan will become your guide for how much you need to save each month, what expenses you have to cut and what investment strategy you’ll need. Remember that, for most people, investing is the only way to build enough wealth for retirement – not to mention, an early retirement.
4. Make Your Plan Work. You need to put effort into making your plan work – cutting, saving and keeping as much money as possible until you reach your goal. Planning for early retirement usually means that you’ll make sacrifices now for a future lifestyle. If, after making all the cuts you can, you still won’t make your goal, try earning more money. Improve your marketability so that you qualify for a pay raise, or start a side business. Look for ways to increase your income so that you can put aside the funds you’ll need to achieve early retirement.
5. Don’t Forget Diversity. The right asset allocation will help you grow your retirement portfolio, as well as help you weather various storms before and during your retirement. With the right income sources and asset allocation, you’re more likely to get through setbacks without jeopardizing your early retirement goal.

To getting wiser,

Leonard Raskin
Women Getting Wise on Wealth from Raskin Global
443-212-1122

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Raskin Global is a team of highly experienced financial planners who believe you deserve more than financial advice. You deserve to be confident and inspired so that you can take charge of your own future and make the wisest decisions possible in all areas of your life. To talk with us about all the ways you can take charge of your finances and create the life you want, give us call at 443-212-1122.

Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152.  Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400.  Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian.  Raskin Global is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.