Early withdrawal may seem like a dream. And for some it is, but often not for the reasons you may think. Although more than half (58%) of employees retire earlier than planned, this is often due to unforeseen life events, writes Transamerica Pension Studies Center and Transamerica Institute.
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If you want to retire early and you want to do it in your own terms, now is the time to take a closer look at your finances and long -term plans. Gobankingrates talked to some financial experts to reveal things that withdrew early, will probably not tell you about their financial strategy.
Annie Cole, a financial coach and founder of Money Essentials for women, is a professional who is retired 40 -ies. One of her most important advice is the habit of investing early and often, no matter how much you earn.
“Even when I earned $ 26,000 a year and I tried to pay rent and buy food, I still gave $ 20 to my pension account every month,” Cole said. “Investing is more about habits than the amount. If you can’t get involved in a habit, it will be difficult for you to achieve your pension goals.”
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Cole also emphasized that it is important to increase your income, including passive sources of income.
“Every few years I changed jobs, advocated raising and name changes, and created a few side bustles and my business to turn my unique skills into income flows,” she said. “Think of one of your unique skills or strengths that you can turn into a consulting service, freelance offer, online courses or e -book.”
In other words, early retirees are not just good savings. They are also active earners who diversify where their money comes from.
Many early retirees quickly emphasize their income flows, such as rental property or dividends, paid investments. However, often unspoken is how carefully they planned to take risks.
Philip Teliba, a certified financial planner (CFP) and Betzina Wealth, said that backstage retirees are usually very intentional in defending their financial stability. This includes construction equipment such as insurance cover, long -term healthcare planning well before Medicare’s age and solid property plan.