Three tips to help you retire early

Julie Brownlee, Fsp Invest, 29 Apr. 2014

Tags: retire early, early retirement, early retirement tips, how to retire early, nest egg, bond, budget, retire early tips

Many of us dream about early retirement. It’s just a case of getting enough money together to finance the lifestyle you want up until the end. And possibly leave some to any dependents you may have. The good news is there are some things you can do that are actually very simple, but can do wonders to boost your retirement pot. Let’s take a look at three of them…

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Early retirement tip #1: Draw up a budget and stick to it

To achieve your dream to retire early get budgeting.

Set up a spreadsheet. You want to include all of your outgoings. You need to make everything as exact as possible. Also make provisions for stuff you might not think about like holidays and car repairs. And have an emergency fund too.

Then track everything single cent you spend and make sure that you never exceed your budget amount. You can then put your leftover income straight to work for your retirement.

Early retirement tip #2: Overpay your bond

This is one of the best tips to help you retire early, Phil Oakley in Money Week explains. Once you pay off your bond, you effectively live rent-free. And this means you need less money to live on.

By putting in an extra thousand or two into your bond a month, you can literally shave years off the term of the bond. And think of all the interest you’ll save.

In 10 years’ time, when you’re living your dream retirement, you’ll be glad you read this.

Early retirement tip #3: Look after your nest egg

Once you have your nest egg and retire, it’s crucial you make sure it will last as long as you need it. Having a part-time job can be a good idea to subsidise your income and give you an interest.

Something like a 4% annual withdrawal rate is probably a safe amount.

So there you have it, two tips to help you retire early.

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