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But what if youre dreaming of retiring earlier than that much earlier?
Try these four strategies:
1.
Understand the Challenges
The rules surrounding retirement accounts and government benefits tend to assume youre retiring in your 60s.
If you want to retire before then, youll need to navigate those rules.
For these reasons, an off-the-shelf retirement plan isnt going to cut it.
You could open a Roth IRA or Roth 401(k), which are funded with after-tax dollars.
Make too much to qualify for a Roth IRA?
Not a bad problem to have.
Also you must wait at least five years before withdrawing converted funds without penalty.
Needless to say, you should consult a tax advisor.
Even with a big nest egg, you could outlive your savings.
*
4.
The worlds your oyster, so why not use your grit and creativity to create a pearl of income?
Not a creative throw in?
There are still ways to monetize your skills outside of the 9-5.
Source: Individual Third-Party Ratings Reports as of 10/4/2024.
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