Every person’s dream is to retire early and enjoy the rest of their lives, making the most of their savings.
This goal can be made more challenging if you don’t have adequate savings or a financial plan.
Early retirement is an option that seems far-fetched for most people. However, that doesn’t mean that it is entirely impossible to achieve.
Would you believe me if I said you could retire at 60, 50 or even 45?!
Here in Australia, early retirement isn’t a decision that can be made in a heartbeat. Still, some have already proven that it is possible, so as long as people can make the most of the financial resources available.
If you want to achieve early retirement as well, here are some tips to get you started:
1. Establish a Financial Plan
You do not want to resign from your job without a solid plan in place. Otherwise, you may end up having to search for new income once your savings run out.
The thing about early retirement is that you must already have a financial plan that will determine all of your expenses and savings before you are ready to finish up in the workplace. This will give you a clear insight into how much your daily expenses will be in retirement and give you a view of how much you need to save in order to have an enjoyable retirement.
Running out of money is never a good thing, and a financial plan may prevent that from happening once you pursue early retirement.
2. Boost Your Superannuation
Your superannuation is essential for a successful early retirement. It will ensure that you have regular income on a weekly, monthly and annual basis.
Now, there are certain stages within your employment wherein you will be given a chance to boost your super; this means that the money paid monthly will increase, increasing your super for retirement.
Feel free to accomplish the boosting of your balance early on so that you will be able to benefit from compound interest over the years.
3. Invest Wisely
One of the best ways to ensure a lifelong source of income is by investing in profitable ventures early on in your career.
While the most viable choice would be a diversified, researched investment portfolio.
Just be sure to think long and hard about where to put your money; otherwise, you may end up risking your assets in a venture that would not be able to maintain itself, losing you a lot in the long run and making early retirement out of reach.
Start Your Early Retirement Planning with Hyland Financial Planning
Retiring early is possible if you know the right things to do and make all of the correct decisions before as well as after your career has ended. Establishing a financial plan, boosting your super, and investing in long-term ventures may set you up for a wonderful and relaxing life.
Just remember to follow our tips and never settle for anything less than a great investment that will only grow your assets.
If you are looking for a financial company that deals with early retirement planning in North Shore, Sydney, look no further than our financial advice experts here at Hyland Financial Planning.
Our financial advisers share an ambition to improve the lives of our clients with strategic planning, wealth creation, and wealth success.
Contact us today and let us discuss all your financial options
