10 Things You Need to Start Doing Right Now If You Want To Ever Retire

10 Things You Need to Start Doing Right Now If You Want To Ever Retire



“I’m not just retiring from the company. I’ll retire from my stress, my commute, my alarm clock, and my iron.” – Hartman Jule

Ah, retirement – a time that most people look forward to every single morning they hurriedly get out of bed and throw on their work clothes. For the majority of people, retirement means freedom, relaxation, and travel. It means setting out on a new adventure, far away from bosses, desks, and paychecks.


However, in today’s increasingly expensive world, even retirement seems a thing of the past. U.S. seniors are employed at the highest rate in 55 years, with 19 percent of people age 65 or older working at least part-time. Not all of these folks need the money, however; some just want a job to keep them busy and have a place to socialize. According to a survey by the Employee Benefit Research Institute, or EBRI, 79 percent of U.S. workers plan to supplement their retirement income with at least a part-time job.

For millennials, the idea of retirement seems like wishful thinking at best, and absolutely unattainable at worst. However, there are some things you can start doing now if you really want to retire at a decent age.

Here are 10 things to start doing now if you ever want to retire:

1. Set aside money each month in savings

Obviously, if you blow through all your paychecks, you won’t have anything left over to save. So, budgeting for what you need and putting the rest in a separate savings account will ensure that you don’t spend all your money. Plus, you’ll eventually have a nest egg so that you can move that money around to other places, perhaps in investments or a 401K. Even if you save just $10 a month, that’s better than nothing, and it can really add up over the course of a few years.



2. Get a handle on expenses

Do you really need that Starbucks drink every day before work? Can you sacrifice part of your Sunday to prep meals for the week so you don’t settle for take-out most nights? Most of us get so used to our habits that we don’t see how much money we throw away every month. You can also take a look at your bills and call up your cable/phone/internet provider to see if you can lower them at all. Or, think about switching to a cheaper company.


Take a look at your monthly subscriptions as well to see if there are any automatic debits being taken out that you forgot about. If you don’t have any use for them anymore, cancel them. There are so many ways to save money; you just have to be proactive and dedicated. It might take a little work up front, but it will be well worth it when you check your bank statement.

3. Pay down debts as soon as possible

You don’t want debt hanging over your head for the rest of your life, so it’s important to pay off loans and credit card bills as quickly as possible. You can see about possibly consolidating your debt, or looking at credit cards with cheaper interest rates. As a rule of thumb, always pay off the credit cards and loans with the highest interest rates first to get them out of the way. It takes patience to pay down debts on a monthly basis, but the more you chip away at it, the quicker it will get paid off.

4. Sit and write down your retirement goals

Most young people don’t really think much about retirement, much less the next five years of their life. However, planning for the future is essential if you ever want to retire. How much money do you want to have when you retire? What age do you want to retire? How will you get from Point A to Point B? Who will you call on for advice to help you sort out your plans?

These are the types of questions you need to ask yourself, but don’t worry – you don’t need a plan set in stone just yet. You just need to get started on at least a rough outline of what you want your financial future to look like. You could even meet with a financial advisor who can help you sort out the details.

5. Look at ways to earn passive income

Have you ever thought about writing a book? Starting a website? Selling a product? These are all excellent ways to earn passive income, and who doesn’t want to earn money while they’re not working?! This is the age of opportunity, so take advantage of it. Don’t just settle for a job you hate that you’ll be stuck at until you’re 80 with a dismal retirement fund – get out there and follow your dreams, because it just might mean you get to retire while you’re still relatively young.


how to retire early

6. Put your money into investments

Now, we don’t claim to be financial experts here, but investing is certainly a great option if you have the extra funds. If the stock market scares you, you’re not alone, but you don’t have to start out with high-risk investments right off the bat. You could instead start out with investing apps that take a portion of your income each month and do all the heavy-duty work for you. We recently had some success when we were able to buy Coinbase shares through an investing app that has yielded pretty sweet dividends thus far. Or, choose a low-risk mutual fund, certificate of deposit, or dividend-paying stocks to get your feet wet. You might want to take some courses on investing, or meet with a financial advisor if you choose this option.

7. Keep tabs on your credit score

Most people cringe at the thought of checking their credit, but it’s important to know your score so you can either a) improve it if need be or b) pat yourself on the back a little bit. If you want to buy a house or car, they will definitely check your credit score, as well as for more minor things such as buying an apartment or trying to finance a MacBook. Making sure you have a good credit score will help you later on if you can’t pay up front for something and need to rely on credit to make the purchase.


There are many free ways to check your credit score, such as through your bank or on sites like Credit Sesame.

8. Practice minimalism

This isn’t just some New-Age, “woo-woo” idea to reach enlightenment and rid yourself of emotional baggage forever – this can actually help you retire younger, too! Think about it: how much money could you save if you bought a used car and a one-bedroom older home as opposed to a new, 4-bedroom home? Assess what you really NEED in life versus what you want, because if you give into your every desire, you won’t have much money left over. Maybe set aside a little spending money each month in the form of cash so that you aren’t tempted to just swipe your card wherever you go.

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