Quit Working Before 65 With Early Retirement Planning

Working on goals to quit work before age 65 means early retirement planning . Implementing savings and investing are part of planning for early retirement so you can enjoy the golden years. Seeing yourself relaxing on a beach, having fun with a favorite hobby or traveling the world while still young are great motivators to retiring early. Below are three steps you can use to help with you retire while you’re young.

1. Discipline Yourself to Save and Invest

Reports indicate the median income is around $50,000 per year when working at a regular job. However, a person with a $35,000 income, working over the next 60 years will bring in a little over $2 million dollars. This is below standard income meaning, it will take being frugal and knowing how much money per month is needed for your living expenses after retirement. These are factors in planning your savings and investment strategy in order to retire early. When you make the plan, be sure to stick to it.

2. Use Multiple Streams of Income

When investing, it’s better to spread your money over several different types of scenarios. Some investments gain more than others but by using multiple streams of income, you can gauge which are doing well and which you want to move. Look for investments with a higher return on interest than a savings account. The idea is to be able to generate enough cash to live your entire life after you decide to retire.

3. Semi Retire Now or Take Mini-Retirements

Think about how you want to live your life now and what it will be like later. If you’re not afraid to freelance, you might be able to build up a residual income in a business offering a sales plan where commissions are somewhat based on the work of a downline. Personally, I am a freelance writer working towards accumulating a portfolio of articles to generate income whether I’m online or not. With a great start, I’m gaining a cash future, as well as immediate payment and can work from any location as long as I have an Internet connection. I can even work on my phone if I want to and some people really like being able to move around. Others, like my neighbor work half the year and take the other half off to enjoy life.

There are many ways to retire and it’s up to you to decide how early retirement planning can help you quit working before age 65.

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