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The Importance of a Good Retirement Savings Plan for Early Retirement Planning

Wouldn’t you like to retire early at age 50 or 55 instead of the traditional age of 62 or 65? Even with today’s economy, this dream is achievable. Planning for early retirement is an easy task, especially if you’re just starting out in the workforce when money tends to be tight. Scarifications will have to be made and immediate gratifications will have to be postponed. You’ll need early retirement planning and a good retirement savings plan to give you the financial security you need during your retirement years.

Set your goal

An important first step in planning for early retirement is to have a goal in mind. If your goal is to retire with the same lifestyle you are living at the time of your retirement, you need to calculate the annual expenses involved in living that lifestyle and how much income you need to cover those expenses, and multiply that number by the number of years of your life expectancy. Don’t forget to factor in inflation and unexpected emergencies like medical emergencies due to accidents or natural disasters.

You can do this calculation yourself, or you can get help online with free retirement planning tools to make the math easier. If you can afford it, you can hire a professional who offers retirement planning services to help you.

Choose the right retirement savings plan

Having the right retirement savings plan will go a long way in helping you get to where you are financially able to retire. Fortunately, there are many different types of retirement plans to choose from. Some of the most popular plans include the traditional individual retirement account (IRA), Roth IRA, Keogh plan, and 401(k) plan. All of these retirement savings plans offer some tax advantages that help the money invested in them grow faster than if money is invested outside the plans.

Don’t forget some of the more traditional investment vehicles outside of IRAs, Roth, Keogh, and 401(k) plans, such as individual stocks, bonds, and mutual funds to diversify and spread the risk of investing. While the investments may not offer the same tax breaks as IRAs and 401(k)s, they offer more options for investment money. Other types of investments you may want to look into include rental real estate and gold coins. But remember not to put all your money in one place and you won’t spread yourself too thin.

Do your research before putting your hard earned money into any investment. You need to know about investing and the different investment options available. Read financial books, the business section of newspapers, watch financial news, or ask friends who are successful in their investment or business. And once you decide on the types of investments, stick to them, but review and, if necessary, readjust your investment portfolio at least once a year.

If you’re just starting out in the workforce and don’t think you’re making enough money to start an early retirement plan, review your expenses and see where you can cut back and put that money into your retirement investment plan.

No matter how little you can save for your retirement plan, the important thing is to start as soon as possible. The sooner you save, the longer your money will have to grow to an amount that will provide you with a secure retirement.

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