Most people think of retirement at 65 but don’t realize that you can accelerate your path to retirement. It may take some extra discipline and strategy, but this will allow you to retire earlier. To accelerate your path to retirement you can take many approaches such as implementing a disciplined savings strategy, investing in real estate, and taking advantage of employee matches.
Implement a Disciplined Savings Strategy
For you to accelerate your path to retirement, you need to first find your strategy and then be disciplined. One way you can start saving is to set up automatic contributions to your savings. You can do this by having your employer directly deposit your earnings into savings, or you can set up your account to automatically transfer the money into your savings account. To help you save more, you can reduce your expenses. You may not realize how many miscellaneous expenses you have such as monthly subscriptions you don’t need or use. You can cut down your daily expenses and find deals on bigger expenses such as a car.
Invest in Real Estate
Investing in real estate is a great way to accelerate your path to retirement. This does take some time to develop the skill, however, it has a reasonable learning curve so it shouldn’t take you too long. Once you get into it, it will be worth the time you put in. Investing in real estate gives you a passive stream of income and gives business leverage and tax advantages. When you do invest in real estate you generate income by keeping your units filled. Keeping your units filled ensures you can keep paying your mortgage.
Take Advantage of Employer Match
Many times, employers will offer a 401k or 403b match for their employees. This means that they will contribute to your 401k or 403b every time you contribute, up to a predetermined amount. Some employers will do it based on percentage, while others a fixed amount. For maximum benefits to you, you should contribute the highest amount you can by law to your account and receive the max amount of contributions from your employers.
It is never too early to start thinking about retirement. In fact, you should start your planning and savings early to ensure you can retire on time and live comfortably. If you are really disciplined, you can leverage many strategies to help you accelerate that path to retirement.
Check out this article on moves to make before rates rise again!
RSS Feed
