Strategies for an Early Retirement

5:39 pm Retirement Planning

beach chairs 150x150 Strategies for an Early RetirementWhile there are lots of people who want – or, in some cases, have – to work well past retirement age, there are probably more of us who are looking forward to the day when all our days are our own.  A recent study from the Transamerica Center for Retirement Studies found that there are certain things people who retire before the age of 65 do to reach that goal:

Go above and beyond when it comes to saving. The majority of those who retire before 65 save outside their workplace retirement plans.

Defer more of salary to retirement plan. Those who retire before 65 deferred an average 10 percent of their salaries to a retirement plan, vs. six percent for those who retire later in life.

Start early. Early retirees started saving early – usually at age 25, vs. age 30 for those who retire later.

Manage and monitor accounts. Early retirees pay attention to their retirement accounts by actively managing and monitoring them, so losses can be caught early and adjustments made.

Keep saving. Most early retirees continued to save as much or more during the recession as they had before the recession.

Have a savings strategy. Most early retirees – 71 percent – have either a written or unwritten plan for saving for retirement.

To begin your planning for your retirement, contact our Orange County law firm.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.