Is It Really Possible To Retire? Perhaps Sooner Than You May Think.

Retire Sooner With These Strategies

Do you find yourself feeling like you won’t ever have enough money to stop working? If so, it’s time to perk up. You can retire sooner than you think by making some changes now.

Enjoying Retirement by the Lake
Nothing like Enjoying Retirement

By Using Some or All of These Strategies You Can Retire Sooner Than You Ever Dreamed:

Identify activities that bring you joy and then create an income stream doing them. When you retire, you’ll have more free time to fill up. Why not do it engaging in activities you love and earning some money at the same time? Start your “cottage industry” now, while you’re working, just to try it out. Here are some examples:

  • If you like to make birdhouses for your yard, make extra to sell at local craft fairs or gardening shops.
  • Perhaps you get a kick out of being around elderly people. Start your own Elder Assistant business, charging families to “visit with and assist” elderly parents for a couple of hours a week.
  • Maybe you’ve developed a real love of gardening and taking care of your lawn. Consider mowing lawns in your neighborhood or planting bushes, weeding, and doing other gardening tasks for neighbors for a price.
  • The key is to think of ways to charge others to do what you love to do.

Think of creative ways to cut your expenses related to work right now. Consider the obvious costs, like carpooling, using public transportation, and carrying your lunch to work. Reduce every expense possible connected to your current work to reap the most savings and benefit your future retirement.

Open your mind to an adjusted lifestyle where you do more with less money. You can retire sooner if you learn to live more inexpensively now.

  • Purchase generic groceries.
  • Shop farmers’ markets for fresh produce.
  • Only buy meat that’s on sale.
  • Concentrate on “buy one get one free” offers at the grocery store.
  • Do your shopping at a discount grocery retailer.
  • Have Meatless Mondays.
  • Be more flexible about what you choose to eat, based on what’s on sale.
  • Reduce the level of cable television you pay for.
  • Get rid of your telephone land line and only pay monthly fees for your cell phone.

Live in a smaller house than you can afford. Your kids will eventually grow up and leave. Concern yourself with living conservatively and paying off the mortgage after you ensure all other bills are paid off. In a smaller home, you’ll live comfortably with fewer expenses.

Retain part-time employment now. Save 100% of what you earn from your second job and save it for retirement. Remind yourself daily that how you live, work, and save now will determine when you can retire and how you’ll live then.

Vow to learn how to delay gratification.Go back to the old-fashioned way of living where you save up to buy something. This way, you spend only cash to get what you want.  The delay in time that it will take for you to accumulate the money to pay for the item will help you determine how much you actually want the item.

 

When you’re truly committed to a goal of retiring sooner, you’ll keep your focus and follow through with these six strategies. You’ll quit working before you know it and love your simpler lifestyle!

Retirement Planning: Have You Considered a 401(k) Investment Plan?

Consider a 401(k) Investment Plan for Retirement

Have you started planning financial security for your retirement? It is estimated that somewhere in the neighborhood of 30% of employees who are offered a 401(k) through their employers fail to sign up for them. There have been instances in the past when unscrupulous administrators have taken advantage of the temptation that having access to those funds provided as well as many, many cases where the worst enemy when it came to 401(k) investing was the investor.

The good news is that like many things around the world we are learning from our mistakes and working to create a new and improved 401(k) for employees across the country. With this in mind and the advances that have been made very few people can honestly state that they are worried about the security of their money as a reason not to participate in their company offered 401(k) programs. The problem remains that far too many people believe in the sanctity of a now dieing system for retirement funds.

The truth of the matter is that no matter what, chances are very slim that social security will provide any sort of security for those that are retiring and relying on this as their ‘golden’ years. There have been mistakes along the way and will continue to be. Not only do the administrators of these plans make the mistakes but also by those receiving the benefit of these plans, which can be so very important when, it comes to establishing some degree of security for your financial retirement planning.

Along the way we’ve learned that the penalties for borrowing against your funds can be much more harsh than a mere slap on the wrist. We’ve also learned the cashing out is very rarely a wise decision in the grand scheme of things when it comes to your 401(k) plan. These lessons are hard learned in many cases and cost years if not decades of your retirement plan. Do not make these mistakes unless the stakes truly merit the costs involved.

Don’t be afraid to actually make the investments you feel are necessary in order to maximize the potential of your 401(k). This is your retirement after all and the new rules regarding your 401(k) are putting you in the driver’s seat so to speak. Don’t let yourself and your investment down by not doing the necessary research. If you plan to invest in stocks make sure that you are diversifying your stock holdings and that you have thoroughly researched the stocks in which you are investing.

You should also take the time to research the differences in a traditional 401(k) and a Roth 401(k) and see which one you feel will best suit your needs as a consumer and as an investor. There are marked advantages and disadvantages associated with each and ultimately which is better comes down to a matter of preference as there really is no absolute right or wrong answer to this question.

I strongly encourage you to seek the services of a competent financial planner in order to help you properly diversify your portfolio for long-term investing with maximum potential. Getting good financial advice will give you a worry free retirement.