Retirement Fund - 5 easy steps that make retirement at 45 a possibility

1. Retirement Fund

2. 5 easy steps that make retirement at 45 a possibility

3. The period of a person's life during which he/she is no longer working, or the commencement of that period. The standard age for retirement in the United States is considered 65, although many individuals choose to retire earlier or later due to personal or financial reasons. • After retirement, an individual's needs are usually funded through any combination of sources including a pension plan, a retirement account such as a 401(k) plan, Social Security, and/or a savings account/nest egg. • Even though it may seem little difficult, retiring as young as 45 is not impossible. You can realize the goal through financial discipline and advanced planning. • Spending evenings on a beach without worrying about the office is a dream for many. We all aspire for a life where our financial troubles are beyond us and we can peacefully retire from hectic work-life. • With sensible planning this can be achieved by the age of 45 years. Even though it may seem little difficult, retiring as young as 45 is not impossible. You can realize the goal through financial discipline and advanced planning.

4. You can follow these simple steps to realize the dream; 1). Stick to a budget Sticking to a budget will help you take control of your finances. This will enable you to keep a close tab on your earnings as well as expenses. Calculate the amount of expenses you will need till your retirement. 2). Save early, save more The earlier you start saving, the sooner you will be able to build a retirement kitty for yourself. This holds true in all cases, more so in early retirement fund. Calculate the amount of money you need to save for retirement. 3). Be money wise The biggest step to attain the goal of early retirement would be cutting down on unnecessary expenses. Don’t give in to the temptation to own the latest gadget or the expensive new black dress. Try to cut down on fancy dinners—go out only once a month instead of every week.

5. 4). Alternate source of income To enjoy the extended vacation called retirement you must ensure enough amount has been generated in your kitty to help you sail through rest of the life. You can also look out ways to have alternate sources of income by taking up vocations like freelancing or consultant jobs, which will not only keep you engaged but also help pay bills and maintain the current lifestyle. 5). Invest wisely Investing helps your savings grow. However, investing pattern and risk appetite varies from person to person and there are no set rules on where and how to invest. Thus, it becomes important to have a proper research and due diligence before taking the plunge. Try our free Retirement Calculator to see how much you need to save for your retirement. [Source: https://www.tomorrowmakers.com/articles/retirement/5-easy-steps-that-make-retirement-at-45-a-possibility]

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