Can You & Your Spouse Afford to Retire Early?

Does the idea of early retirement sound appealing? It’s a lifelong dream for millions of Americans, but it could also become a reality when you make smart money moves at the right times.

We asked dozens of financial professionals and educators to offer their insights and tips to help us learn what actions we should take today and in the future in order to retire early with enough money to last a lifetime.

First, you need to define what “early” is for you. Is it age 55 or 65? Then you need to consider what retirement will cost for you. For example, will you really spend less in retirement as many financial advisors would lead you to believe?

Decide What Early Retirement Means to You

Traditionally retirement has been defined as retiring from a regular job, to do something else. A lot of people retire from a job because they don’t like it. Redefine your idea of retirement, and get clear on what you are retiring to, not what you are retiring from.

Decide What You are Retiring “To” Not “From”

Use Retirement Calculators to Help Decide When You Can Retire

Unfortunately, there is no guaranteed way of knowing exactly how much money you need. But there are many free retirement calculators you can use. By inputting a few numbers, like your age, amount of savings, and annual spending, you can get a close estimate to see how you stand.

Hire a Financial Advisor or Coach

Early retirement doesn’t mean you will stop working altogether, but you may limit your hours working a side hustle to live more freely. You’ll have to get ready, or you can employ an experienced financial coach or advisor to design a comprehensive financial plan for your needs.

Get a Second Job

If you are not a high-net-worth individual, you most likely find yourself thinking about retirement. A way to get there faster is by obtaining a second job. Working another job will enable you to pay off debt quicker and save more money.

The main benefit of meal planning is it encourages you to eat healthier. More importantly, you can save money on takeout and alleviate food waste. The funds saved by utilizing meal prepping can go towards your retirement fund so you can retire sooner.

Prep Your Meals for Physical and Financial Fitness

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