Retiring before 65 is a goal many people have. There are steps you can take to make that dream a reality, even if you don’t think it’s possible. Follow these tips for an early retirement.
This tip has very little to do with money. Regular exercise and a healthy diet will help prevent long term health problems. Staying healthy also means you will have less unexpected medical expenses. Less hospital visits and less need for prescriptions means more money in your pocket. Taking care of your health now will benefit you in the long run.
Take Advantage of Retirement Accounts
One of the best ways to save for retirement is your employer’s 401(K) plan. Setting up automatic deductions from your paycheck means you’ll be saving with each payment. You can also set up an increase in your contributions year after year to match with raises in pay. You might consider opening a Roth or traditional Individual Retirement Account (IRA) if you don’t have access to a 401(K). To learn more about IRAs with SeaComm, click here.
Pay Off Debt
Getting rid of as much debt as you can will free up funds to put away for retirement. If you have high interest rates and it feels impossible to pay it down, it’s worth consolidating your debt into one monthly payment. A consolidation loan with SeaComm allows you to combine all of your outstanding balances into one convenient monthly payment. This creates a more reasonable period to pay off your debt, without feeling overwhelmed.
Decrease Living Expenses
Figure out expenses you can live without. For example, instead of buying high-priced gourmet coffee at a drive-thru in the morning, brew your coffee at home. Brown bag your lunch rather than eating out. Make a weekly meal plan and cook your meals at home. These items alone can potentially save you hundreds of dollars a month.
To help you on your road to early retirement, consider upgrading your basic checking account to a Benefits Plus® checking with SeaComm! Benefits Plus® members have access to a free Grocery Coupon Club, discounted gift and eGift cards, prescription savings and much more. Click here for more information on this exclusive program, or stop by your local SeaComm branch to enroll!
For complete information, terms, conditions and exclusions please visit www.benefits-plus.org or call 866-329-7587.