4 Critical Steps to Retiring When You Want

4 Critical Steps to Retiring when You Want

Are you on track with being able to retire when you want to? It’s so easy to procrastinate about investing money for your retirement – especially if you’re a long ways away from your retirement date. But starting early makes it so much easier to meet your retirement goals.

How much do want to save? A million dollars? Keep in mind that no one reached age 65 and complained that they saved too much!

Many folks believe that you have to have a significant income to save a million dollars, but nothing could be further from the truth.

Saving steadily and starting as soon as possible can make it possible for anyone to retire a millionaire.


Follow these steps to get yourself quickly on track:

  1. Take an assessment. Where are you right now financially? How much have you saved so far? What is your current income? What are you current expenses? How much are you currently saving? What changes can you make right now that will make the biggest difference? Do you need the advice of an expert?
    • Your best plans for moving forward toward your goals begin with an accurate idea of where you are right now. Ascertain your progress at least every year.
  2. Start saving today. Most of us would rather buy a new TV today than save for a retirement that might not happen for 30 years. If you can enroll in a program that has automatic deductions, like a company 401(k) plan or an automatic-deduction brokerage account, saving can be a lot easier.
    • How you save isn’t nearly as important as the saving itself. Just start immediately! Even a relatively small amount can really add up over the years.
  3. Make a plan. Make an honest evaluation of how much money you’ll most likely need to retire and live comfortably for the remainder of your life. Then take a look at how much you need to save between now and then to make it happen. There are many financial planning calculators available online to help with your planning.
    • Imagine how much better your retirement savings would be right now if you had developed a plan and implemented it 10 years ago. Don’t wait another day. Today is the day.
      Start Saving Today
    • The Power of CompoundingIn making your plan, remember the tremendous power of compounding! At 10% interest, an 18 year old only needs to save $20 a week to amass a million dollars by age 65. A 30 year old: $67 a week. A 40 year old: $188 a week.
    • The earlier you start, the less painful the saving process will be.

    • Include other money that goes into your plan as well. For example, if your employer matches 100% of your retirement plan contributions, you only need to put in half the required amount. If you’ll have other income in retirement, like rental or social security income or money from a business or trust, include those in your figures.
  4. Consider These 3 Factors. The 3 most important factors to your success are the rate of return, the amount of money being saved, and time. So invest well, invest a lot, and invest as soon as you can. Maximising these three factors to the best of your ability is really the key to retiring in style and as soon as possible.


You don’t have to be wealthy to retire a millionaire if you live below your means, save, and invest.

The most important thing is to start saving immediately.


Even with a lower middle-class income, you can easily become a millionaire by maximising the rate of return, amount saved, and time. Get aggressive with your savings plan and you’ll retire in style.