For many Americans, early retirement is a dream they have had for a very long time. About half of Americans retire early, between the ages of 61 and 65. Nearly 20% of Americans retire before that.
So, what can you do to help make your dream of retiring early a reality? There are several things you can do to ensure a successful early retirement. New York Medicaid Consulting, your Medicaid planning service, offers early retirement tips.
Start Saving More When the Kids Leave
If you have kids, then you know just how much money they suck from you. You might be happy or sad when the kids move out, but you will have money to show for it. The money you save when the kids move out should be used to pad your retirement funds.
With fewer clothes to buy and mouths to feed, you will have more money for retirement.
Take Care of the Car
If you do have a car, take good care of it. Cars are not only expensive to buy, but they are expensive to repair as well. Even if your vehicle is paid off, you should still treat is gently and with respect. Making your car last longer will save you literally thousands of dollars over the years.
Save the Change
You should have several coin jars around the house and you should be feeding them on a regular basis. Saving coins is a great habit and money will add up a lot quicker than you might think.
At the end of the day, plunk all of your change into a piggy bank. You will be surprised at how fast it fills up.
Never Spend Found Money
Just because you got a big raise does not mean you need to rush out and buy a new boat. Found money comes when you get a raise or get money that you weren’t expecting. Most people want to rush out and spend it, but it is better to pretend you never got it at all.
Saving found money doesn’t put you in a financial bind or change your monthly budget, so save it.
Eat at Home
Packing a lunch for work and making dinners at home will save you a ton of money over the years. Food is a necessity and going out to eat is fun, but only do so on special occasions.
Find a Retirement Job
Many early retirees aren’t against working at all, they just want to stop with the daily 9 to 5 grind. The right retirement job can provide a stream of income with the benefits of having the time to golf when you want and do all of the things you wanted upon retirement.
Thanks to technology, you might even find a job that allows you to work from the comfort of your own home.
You enjoy your big house, but it is also a huge expense in so many ways. You would be better off downsizing as soon as you can in order to save money. At least you have fewer rooms and less space to clean.
Contact New York Medicaid Consulting if you have questions about early retirement.