Wondering how to retire early? This video covers the 5 areas to have covered if you want to retire early. Maybe you don’t plan on waiting until Full Retirement Age, maybe you have been saving towards that “bucket list and want to get a jump start on it OR maybe you are just tired of the workforce and ready for financial independence. Through these tips, we’ve helped others, just like you, towards the goal of early retirement.

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In the video, we cover 5 areas that you want to have covered when finalizing that early retirement date.
1. Your financial health
-understanding the contribution phase vs. the retirement withdrawal phase (“Distribution”)
-Making sure your financial bucket is big enough
-Tallying up your future expenses
-having a financial emergency fund
-stress test your portfolio
2. Social Security
-The importance of having a social security strategy in place
-Understanding the early retirement social security reduction
-The impacts of taking social security early to your financial health
-When to potentially take social security and how to bridge the gap
3. Health Insurance
-when retiring early health insurance can be one of your biggest expenses
-get quotes to plan for health insurance
4. Keeping Active
-Having a plan to keep your mind and body active
5. Early retirement withdrawals
-potential penalties for taking a withdrawal from retirement funds prior to 59-1/2
-Bridging the gap with non-retirement accounts

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How to RETIRE EARLY – 5 tips to an early retirement

Retiring early is a dream many people have but few achieve. However, with careful planning and disciplined execution, it is possible to make the dream a reality. Here are five tips that can help you retire early and enjoy your golden years.

1. Start saving as early as possible:
One of the most important factors in retiring early is saving enough money. The earlier you start saving, the more time your investments will have to grow. Begin by identifying a specific goal and create a retirement plan. Determine how much money you will need to live comfortably during retirement and set a saving target accordingly. Make a habit of saving a portion of your income every month, and consider automating your savings to ensure consistency.

2. Live below your means:
Living below your means is crucial for building a substantial retirement fund. It is essential to spend less than you earn and avoid accumulating unnecessary debt. Focus on distinguishing between needs and wants and prioritize saving over spending. Cutting down on unnecessary expenses can make a significant difference in building your retirement nest egg.

3. Invest wisely:
Saving money alone is not enough to retire early. Investing your savings wisely is equally important. Diversify your investment portfolio to minimize risks and maximize returns. Consult with a financial advisor to develop an investment strategy that aligns with your goals and risk tolerance. Consider investing in assets such as stocks, bonds, and real estate, which offer the potential for long-term growth.

4. Increase your income streams:
To accelerate your path towards early retirement, it’s important to expand your income streams. In addition to your primary job, consider starting a side business or investing in rental properties. These additional sources of income can help boost your savings and bring you closer to your retirement goals. Be prepared for hard work and dedication, especially if you have to juggle multiple roles simultaneously.

5. Plan for healthcare costs:
As you plan for an early retirement, it is crucial to consider healthcare costs. Healthcare expenses tend to increase with age, and unexpected medical costs can quickly deplete your retirement savings. Look into health insurance plans and consider setting up a health savings account (HSA) to cover future medical expenses. Take care of your physical and mental well-being to minimize the chances of chronic health issues later in life.

Retiring early is no easy feat, but with proper planning and disciplined financial management, it can become a reality. Start saving early, live below your means, invest wisely, diversify your income sources, and plan for healthcare costs. Remember, achieving an early retirement requires commitment, persistence, and financial discipline. So, start taking steps towards your early retirement today and secure a bright future for yourself.