Are You Capable of an Early Retirement?

Does the idea of early retirement sound appealing? It’s a lifelong dream for millions of Americans, but it could also become a reality when you make smart money moves at the right times.

If you want to retire early, the most important advice you need to hear is to begin planning today. And by reading this article, you’re taking an important first step toward turning off your 6 am weekday morning alarm forever.

Decide What Early Retirement Means To You

First, you need to define what “early” is for you. Is it age 55 or 65? Then you need to consider what retirement will cost for you.  These are important questions, and they’re best answered with a holistic retirement and financial plan. It will help determine where you are today and illuminate a path to early retirement and beyond.

Decide What You are Retiring “To” Not “From”

Traditionally retirement has been defined as retiring from a regular job, to do something else. A lot of people retire from a job because they don’t like it. Redefine your idea of retirement, and get clear on what you are retiring to, not what you are retiring from.

Make Money Without a Job

Find a Side Hustle

Many people have side hustles to help them make extra money. You could use the side hustle money for several things, including allowing you to retire early. The extra money earned can help you increase your savings goals.

Head South of the Border to Mexico

Mexico is one of the best places to retire, and many Americans are already doing it. In fact, more North Americans have moved to Mexico to retire than they have anywhere else in the world.

Move Further South of the Border to Ecuador

Relocating to a country with a lower cost of living is a great way to save money to retire early, but currency conversion fees and exchange rates can quickly eat away at your savings.

Invest in Low-Cost Index Funds

If you want to retire early, the most important advice you need to hear is to begin planning today. And by reading this article, you’re taking an important first step toward turning off your 6 am weekday morning alarm forever.

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