Early Retirement Planning

Every one of us dreams of an early retirement and having all the time in the world to check off items lingering on our bucket list. Unfortunately, in todays fast pace society, our retirement planning gets lost in the shuffle. Things such as work, family, friends, and travel take the forefront of our attention and we just passively expect to be able to retire the way we dream it will be. The reality is that this isn't the case, we all have to actively take steps in planning for and putting into action a true retire plan to fit our goals.

We are here to help you with that planning process to help you achieve the dream retirement you deserve. Planning and investing for retirement can be very overwhelming, and sometimes is hard to even figure out where to start. The first thing anyone needs to do to get started is lay out what you want your individual retirement to look like, then assign monthly income needs to accommodate those goals. Without this step you are just blindly throwing numbers out as your retirement goal, and this has proven to be a very ineffective strategy.

Once you have rough numbers assigned to your dream retirement, it's time to dig into the plethora of options available to you. If you have no idea what you're even looking at when reviewing options you may benefit greatly from hiring a financial planner to walk you through each of the options in detail. Be careful when selecting a financial planner to help you as many have outrageous fees that are not worth your money. Do some minor research into the fees for advisors in your area and find a nice middle-of-the-road fee schedule. After you get a nice plan in place with an advisor and you understand the options available to you, work to transition away from an advisor.

The biggest thing to keep in mind as you grow your retirement over the years is to regularly contribute to your retirement fund. You should have automatic deductions coming right out of your paycheck before it even hits your bank account. This will ensure you stay disciplined with the plan you have worked so hard to come up with, and this combined with compounding interest will rapidly grow your retirement funds. A good rule of thumb is to increase your contributions by at least 1% per year as things such as raises and bonuses come into play and you have more money available to you. Regularly increasing the contribution amount goes a very long way to shaving off working years left on your plan.

If you follow this simple guideline, you will be well on your way to an early and wealthy retirement! Always remember to seek help if something is unclear to you as this is your future wellbeing at stake. Do not take this portion of your financial life lightly. When temptation kicks in (and it WILL) simply remember the story of the tortoise and the hare! Retirement planning is a lifelong process, but if done right is more than worth it in the end. Happy planning and an even happier retirement to you!

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