Whether we love our jobs or hate them, we all have days when retirement starts to look pretty good. Unfortunately lately retirement also looks like it’s going to be a long, long time from now. If that retirement train doesn’t seem to be coming down the tracks fast enough for you, here are some things you can do to speed things up:
1. Set your retirement savings plan on autopilot. Automatic withdrawals from your paycheck or checking account, for example, make it impossible to "forget" to save. Slow, steady, and persistent wins the race in preparing for retirement!
2. Find out how much you’ll get from pensions and Social Security. You may be getting more than you thought. Don’t forget to check on benefits you may be entitled to as the result of your marriage or a prior marriage. Many people do not get all the pension or Social Security benefits they should.
3. Create sources of passive income. If you buy rental properties, for example, you can create an income stream that isn’t dependent on you going to work every day.
4. Reduce expectations of your retirement lifestyle if necessary. Perhaps you can retire sooner if you choose to live on less. What’s worth more to you – time or money? Sure, it would be nice to retire on a golf course and travel the world, but you may have to work years longer to realize that goal. You might be able to afford the retirement lifestyle you’ve dreamed of if you’re willing to move someplace less expensive.
5. Instead of outright retirement, consider changing careers or working fewer hours for a few years. One way to look at it: If you can’t wait to retire, you’re in the wrong job!
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