So you’re looking ahead to get off the fast track, put the brakes on a grueling commute, or bring a stellar career to a long-awaited conclusion. Retirement is the payoff for a work life well done, but without enough thought and planning the retirement of your dreams might remain a pipe dream instead. Here are a few pointers that could help you retire sooner than expected.
Follow the right path and retirement doesn’t have to be way down the road.
Score Points When It Comes To Early Retirement
When looking to retire early keep an eye on your credit score. A good credit score means lower interest rates on loans, and that translates into more money in your pocket. Check in with each of the three major credit reporting bureaus annually to receive a free copy of your credit report.
Don’t Pass Up Passive Income
Passive income keeps accruing without you having to do much of anything on your end after an initial investment; real estate is a good example. Check into companies like the Fundrise Starter Portfolio, which splits funds into two portfolios that support private real estate around the United States.
Just remember that all investment carries risk but it can also carry you to an earlier retirement than you ever thought possible.
(k)now Everything About Your 401(k)
If a 401(k) is your primary tool for retirement savings, you might want to review it if you’re hoping to retire early. In addition to checking the balance, take a closer look at your allocations, applicable fees, and whether your account is in line with your retirement goals.
Want to make some changes? Enroll in Bloom for just $10 monthly and it will automatically adjust your 401(k) to meet your retirement goals.
Lower Operating Costs, Higher Expectations
Of course you always knew you would retire someday but did you ever think it could happen sooner rather than later? By treating your life like a business and looking at your ‘operating’ costs you can cut waste that’s eating into your budget and delaying your retirement.
Download an app like TrueBill that can help you lower bills, cancel unwanted subscriptions, get refunds, and more. When you get a handle on costs, early retirement can be within your reach.
Life Insurance Can Offer Retirement Assurance
Who knows what the future holds? But if you and your loved ones hold a life insurance policy you’ll know that those left behind can continue to live out their retirement dreams.
Some online insurance companies like Ethos partner with A-rated life insurance carriers to provide policies for a low price. All of which can contribute to peace of mind during your early retirement and to having a piece of the American Dream.