The average retirement age in America is 62 years old. Do you have dreams of retiring at that age or even earlier? Retirement may be more achievable than you think!
Below are three doable ways you can help make early retirement a reality:
Identify Your Income Source in Retirement: Thanks to advancements in modern health care, people are living longer, fuller lives than ever! In order to both retire early and on your own terms, you must have an income source throughout your retirement. While the traditional retirement model of endless relaxation may seem appealing, retirement boredom is more common than you would think! More and more people are taking the opportunity to explore new avenues to earn money in retirement and fulfill the passions they didn’t have the time or funds to explore earlier in life. This income can help cover your daily needs in retirement, thereby reducing the amount you must have in your retirement nest egg.
Find Your Ideal Location: Where you retire makes a difference in your cost of living during retirement. If you would like to retire earlier, consider living in a city or state that is known for its affordability. Your retirement fund will go farther in these areas! While it always helps to save up as much as possible, choosing a retiree-friendly place to live will enable you to reach your retirement goals sooner. Retiree-friendly states include Iowa, South Dakota, and Florida, but of course the state that is right for you will depend on your preferences, from climate to culture.
Work with a Retirement Mentor: Do you know someone who retired early, or is well on their way to it? Ask if they would be willing to share their own tips and experiences with you. A retirement mentor is a good way to keep yourself accountable and motivated to continue saving. If you face challenges along your path, a mentor can help give you the outside perspective you need to find your way forward.
Your life and retirement goals are unique to you. Help yourself find the path that feels right at www.syncis.com/blog.