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For many people, the idea of slogging through work until you’re in your sixties can be both exhausting and worrying. Do you really need to work that long before you can retire? Fortunately, there are plenty of ways that you can lower your retirement age and increase your probability of being able to retire early. Take a look at the following tips to get an idea of where you can start.
Take A Look At Healthcare
Health-related expenses are usually the biggest thing you’ll have to worry about before you hit an age where you can apply for Medicare. Accordingly, if you intend to retire early, you’ll need to map out where you’re going to be getting the money you need to take care of your health and just how much those health costs may be. No one can ever fully estimate the amount of money they’ll be spending on their health, since problems tend to come and go with little warning. Having a basic idea is a great place to start, though.
Some states have different taxes for retiree income, and all states have a different cost of living. If the state you’re living in is too expensive or has high income taxes, you might want to consider packing your bags and settling down elsewhere. This option isn’t a great fit for everyone, especially if you really enjoy the place you live. However, if you want to retire early, you’ll need to start stretching your money as far as it can go. Living expenses are one of the easiest areas you can trim.
Look Into Part-Time Work
Many people consider retirement as the total cessation of work, but it doesn’t have to be that way. In fact, it’s becoming increasingly popular for people who retire from a full-time working schedule to start picking up 15 or 20 hour work weeks on a part-time basis. Having this extra income will pad your savings and ensure you won’t be left totally high and dry until Social Security benefits start. Additionally, you may actually find yourself bored without a job after you retire. Part-time work isn’t just a great solution to money troubles, but it can also give you something to do if you find yourself getting bored after retirement.
Save More, Live On less
If you want to live a comfortable post-retirement life, then you’re going to want to have a fair amount of money tucked away to live off of. One of the best ways to ensure that your retirement savings grows healthily is by cutting down on your current everyday expenses. Things like eating out, going to shows, or taking trips can be cut down on while you’re trying to save. It may be tough in the short term, but when you’re able to retire before you’re in your fifties, you’ll thank yourself for being so frugal.
Make Sure You Have Good Business Insurance
In the same way that not having health insurance can put you into a bind if you have a health-related emergency, not having Seattle business insurance can get you into some hot water if you have a business-related crisis. Business insurance keeps you protected from potential losses that can be caused by natural disasters, robbery, riots, and other similar occurrences that can damage your wares. If you end up hitting a big setback in the form of an emergency and aren’t equipped via insurance to handle it, you could find yourself working many, many more years than you initially planned.
Retiring early doesn’t have to be a distant dream for you. Take these tips into consideration and give them a try for yourself to see how much of an impact they can have.