“Working for retirement” is the long-term version of “working for the weekend.” We all do it, some days more than others.
If you’ve started to think about retiring earlier, this resource is for you! Here are a few of the most effective ways to speed up your retirement.
Make a Financially-Beneficial Career Move
Is it time for something new? One way to contribute more toward retirement is to increase the amount you’re making each month. You could do this by utilizing a mode of passive income (ex., a rental property) or finding a job with a higher salary.
If your salary increases but your current spending doesn’t, you can set aside most or all of the additional income on your paycheck!
Increase Earnings in Your Current Position
Making a retirement-friendly career move doesn’t necessarily mean you have to find a new job. If you want to increase your monthly contributions, there are a few ways you may be able to leverage your current position to do so.
Ask For a Raise: This can be very intimidating. But it doesn’t have to be! If you’ve been in your position for several years without a raise and know you are working hard and performing well, many employers would be happy to reward that. You may just need to make the first move.
Bonus Tip: Let your work do the talking! You can fuel the conversation by preparing a short summary of successful projects, benchmarks you’ve hit early, and other evidence of your value to the company.
Go Out For a Promotion: Even if you’re happy in your current position, a new role can bring new experiences and a bigger paycheck. Find out what your company is looking for and present yourself as a great fit!
Increase Your Marketability: Certifications and gaining niche expertise are two great ways to increase your value to a company. Look for opportunities to grow your knowledge in ways your business (and you!) could profit from.
Diversify Your Portfolio
Diversifying your retirement investments can help maximize potential returns. This can limit exposure to risk and provide a healthy variety of investments. You can use any increased returns to strengthen your retirement accounts!
Adjust Your Budget Today to Plan for Tomorrow
Could you be saving more? Retirement planning isn’t about penny-pinching, but your priorities affect your budget. Are there subscriptions you aren’t actively using? Do you plan to start cooking at home more often? Is your car worth the monthly payment?
These may seem insignificant, but these small changes can add up over several months and years.
Seek Advice from a Professional
Everyone’s journey to retirement is different, and so is their plan to get them there. If you want to speed up your retirement by several years, an advisor can help!
They can take a more comprehensive look at your current income, investments, and financial plan and build out a path that brings the finish line even closer.
Want to see how early you could retire? Reach out to an advisor today!