The Best Ways To Retire EarlyIf, like me, you are a "Baby Boomer" born sometime between 1946 & 1964, then it's never too soon to be thinking & planning what you are going to do come the glorious day(retirement!), and if the opportunity arose why not retire at a younger age. Here's a guide to help show you the best ways to retire early and some simple steps that anyone can take in order to exit the 9-5 Monday to Friday and retire quicker. Ask yourself this question, what level of income are you going to need to retire on? Sounds simple enough, but getting this right is critical to your ways to retire early. So grab a pen and paper, write down all your expenditure for the year, don't forget things like car, house and medical insurance. Once you have everything cross out any that are work related or that you really could do without if you were at home more, like a second car for couples. Now remember to up the budget for socializing a little, keep the gym or golf club membership too. After all there is no point retiring if all you can afford to do is sit at home and watch cable! The figure you end up with is your RTF (Retirement Target Figure) it really depends on your life style but as a rough guide your probably looking at between $3000 and $6000 per month (£2000 to £4000), after accommodation costs. (i.e your mortgage/rent is paid) Add another 50% to the above figures for a partner or spouse and probably the same again for any dependent children if necessary. (When do they become non-dependent we hear you cry!) A couple of useful books on the subject of budgeting/planning for ways to retire early are "Retire On Less Than You Think" and "Ready, Set, Retire!" both available from the Our Ebook Store Once you have your RTF you can set about trying to match or better it! Easier said than done we know. First work out any pension income due, remember that most pensions won't pay you anything before age fifty and your income will be seriously reduced the earlier you take it. Always, always get professional advice. Look at income from stocks & shares and from savings, it might be that your savings can supplement your income while you wait a few years for your pension to mature. Don't include any income from interest on savings set aside for a special purpose (e.g a son or daughter's wedding or that once in a lifetime cruise) because once that money is spent you won't have the income from it! Add all the bits of income together and this will give you a RIL (Retirement Income Level) If at this stage your RTF and RIL are about as close as the North & South poles then it may be worth thinking about the following. So far your RTF (Retirement Target Figure) and RIL (Retirement Income Level) have been calculated on you living in your current home, whereas with retirement comes a change of pace and maybe a change of location? If your current property is mortgage free it may be worth considering downsizing to free up some capital to earn extra income from and lower your property costs. If selling frightens you at this stage then letting out your current property and renting somewhere else is another option. This can be a great way to see and live in a lot of places in your early retirement years, you may have close family members aboard or maybe you fancy a villa on that Caribbean island for six months. You may even find somewhere which has a much cheaper cost of living, reducing your RTF even further. The next stage is to find ways of supplementing your RIL getting a little extra income could make all the differance in finding ways to retire early or not. Here are a few of our suggestions on ways to get that bit extra income, while having fun and making your dream a reality. If your going to retire you don't want to have to work full-time to fund it otherwise you may as well stay in the career job, but 10-15 hours a week doing something you enjoy will keep you active, give you a social life and help you meet new people. Even better you should make around a $1000/£600 a month which might help to pay for little luxury , an extra holiday a year or a new car every other year. Sell a skill or your time, maybe you have a skill such as a musical instrument or golf, which you could turn into extra income by offering to teach others. If you have no particular skill then house or pet sitting is an easy way to supplement your RIL and do a good job your get asked back again and again. Have a look at the Sell A Skill section on Income-in-later-life. Start a small business, sounds scarey but infact could be as easy as doing house sitting above. It just makes it a bit more formal and you can claim for costs such as travel. Another simple idea is to turn a hobby into an income, by writing about it on line and selling items or just receiving income from ads from companies such as Google or commission on eBay sales. A good established site can easily make between $1000 - $2000 per month, for less hours than a part-time job. (Learn more here) For your ways to retire early to be a success you need to put your plans into action! Once you have RTF and an idea of how much you can expect to get income wise (your RIL), then make a plan. Give it timelines and targets, it's a big step and the more planning and research the easier it will be and don't be afraid to change your plans if necessary. After all life is one long journey with lots of roads, you will not pick the right one everytime. You may want to assess what you really what from life, which could be something as simple as a place by the ocean or something a little more challenging like breeding those rare breed cattle!. If you have a spouse or partner this will mean agreeing a way forward together. For some great ideas and inspiration on ways to retire early you may want to look at "How To Love Your Retirement" or "How To Retire Happy, Wild And Free" both great for getting you motivated and probably available in your local libary or visit the our Bookshop. Ok, the plan is in place, the retirement date is agreed, leaving party organised what to say?, you'll find free sample speeches for all occasions and timeless Retirement Speeches for gracious yet great goodbyes ... they are easily adapted and personalized - find the right words every time.  More Useful InformationFree Masters Course
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