Planning So You Can Retire Early
Planning so you can retire early isn't really such a difficult hurdle to overcome
, the key is that you just need to plan for it and you need to do so now. Once you reach that point and start thinking, oh, I wish I could go ahead and stop working now, it will probably be too late.One of the first things you need to figure out when looking at how much money you'll need to have saved total is just how long you think you'll need to live on this money. To do this you really need to estimate that you'll live a long life unless you have a physical condition that really leads you to believe otherwise. It may not seem fun to save so much, but it's better than ending up short on funds when you're in your 90s. Because of this you should plan on living to be 95 years old, but if you really want to be smart you'll plan to be 100. Now, what age do you realistically want to quit working? Keep in mind that you can't make withdrawals from your traditional 401k or IRAs until you reach what they have determined as retirement age: 59 years and 6 months old.
Once you decide what time you'd like to stop working you can see how many years you want to live on your savings. Figure out how much you believe you'll need to live on each year, and then how much you'll need to save. Once you make out all these important number details, you've made a big step towards planning so you can retire early.
Remember that while this number may seem impossibly large that you will hopefully be earning returns on your investments every year, and the earlier you start saving the longer that money will have to keep being invested and growing. You hopefully also have a 401k contribution match to take advantage of and other tools to help you succeed in reaching your goals.
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