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Steps To Early Retirement Steps To Early Retirement Retirement. The word for many people evokes images of lazing around the house, maybe occasionally puttering around in the garden or in the workshop, long afternoons fishing or traveling to exciting new places; a tranquil, peaceful existence that is only interrupted by occasional trips to the mailbox to pick up what is hopefully a sizeable pension check. For other people however, the prospect of retirement may fill them with a certain degree of apprehension or in some cases even full-blown anxiety. It does not have to be that way though; there are quite a few steps that you can take in order to ensure the quality of life that you will lead upon retirement and even a means to retire at a younger age than you may have originally anticipated. The important thing to remember is that the earlier you plan for your retirement—and the sooner you put those plans into effect—the greater your chances are of being able to retire early. Of course the inverse is also true, and in fact if you hold off long enough on this crucial step you may end up with very little funds to retire on in your later years. One crucial factor that can potentially wreak havoc on your early retirement plans is debt. It can severely stunt your financial growth and can directly affect how much money you will have to rely on upon your retirement. If you are struggling with high interest debts such as credit card balances, you should take steps to resolve these issues as soon as possible. The first thing to consider before embarking on any undertaking is a plan. You should consider factors such as how much your lifestyle is costing you right now and the type of life that you want to live after retirement. Consider not only the years after your retirement but also the period leading up to that. This would be a good time to take stock of present income sources and perhaps even explore investments that offer a higher rate of returns. A 401k plan and an IRA can be your best allies in your campaign for early retirement. The numerous tax benefits that these plans offer as well as the possibility of compounding your contributions make them a great choice for prospective early retirees. Finally no plan is worth much unless you have the will and desire to stick to it. This will require a healthy measure of discipline on your part but in the future you will be glad that you did it.

Contributed by synbad on April 11, 2008, at 2:33 AM UTC.

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