Want to Retire Early? Try These 4 Tips
Retiring early sounds great, doesn't it? But if you want to retire early with enough resources to guarantee a generous income, you'll need to make an extra effort during your working years to prepare for the big day. Here are some steps you can start taking today to secure that coveted early retirement.
The higher your income during your working years, the more you'll be able to save for your nonworking years. Whether that means a raise, a promotion, a side gig, or an entirely new job, finding a way to generate more income -- and then dedicating the extra income to retirement savings -- is perhaps the single most important thing you can do to bring your retirement date forward.
When it comes to high-level retirement saving, a 401(k) is particularly helpful. That's because you can set up your contribution schedule to take the extra money out of your paycheck before you ever see it, making you a lot less likely to end up spending the money on something else. And if you jack up your contribution level every time your income goes up, you won't feel deprived because you'll be taking home roughly the same amount of pay that you were getting pre-raise.
Source: Fool.com
