Is it your dream to have more time to focus on your passions or the people you love? If so, you are probably looking into how you can retire earlier than planned. The reality is that achieving this goal is going to take plenty of work, strategizing, and forward-thinking. Below is a handy guide with four helpful tips for setting objectives to help enable your early retirement.
Settle All Existing Debt
If one thing is going to force you to hold onto your day job, it is debt. Debt can take many forms and tends to increase faster than one realizes. Before you know it, you owe thousands of dollars to creditors spread far and wide. If this is the case for you, eliminating your debt, and being cautious not to incur any more, should be a top priority going forward.
In order to retire early, most experts recommend that you strive to save at least 25% of your income. Make saving money a strong focus every month, and ensure that you do not touch this money unless it is absolutely necessary. You will be amazed at how quickly your retirement nest egg begins to grow!
Know Your Numbers
Obviously, you do not want to retire unless you know for certain that you will be able to support yourself and your family without your regular income. So, just how much money will you need to accumulate? According to the 4% Safe Withdrawal Rate, it is recommended that your total net worth equals a minimum of 25 times your annual expenses.
The CalendarBudget App
The CalendarBudget app is sure to be a valuable tool for anyone who is aiming to retire early. It makes it possible for individuals to:
- Pay bills on time with the help of calendared reminders,
- Know when their income, expenses, and regular spending takes place,
- View their account balance on any day in the future,
- Plan ahead for upcoming expenses, and
- Plan to save for their future.
For more information about planning for early retirement and the app, please do not hesitate to get in touch with our team.