The only thing that keeps most of us going in the workplace is the notion of one day kicking back on the beach or retreating to the mountains and relaxing. For many, retirement is the dream.
Yet for some, it seems downright unobtainable. 64% of people have nothing saved for retirement!
Odds are, you’re part of that figure. Not to worry, though, you can still enjoy a nice retirement in as little as a decade.
Keep reading to find out how to retire in 10 years, no matter how much you have saved up.
1. Start Today
We can’t stress this enough; stop putting off your savings. The sooner you save, the more you’ll accumulate. The more you accumulate, the easier it’ll be to retire in 10 years.
If nothing else, make life easier for yourself by creating a budget. Take a look at all of your monthly expenses, including:
You can make a basic budget outline on a program like Microsoft Excel. Or, if you’re not great with Excel, consider signing up for an account with Mint or Quickbooks, which are designed with beginners in mind.
What matters is that you set your budget up and follow it accordingly. Enable weekly reminders to see how you’re coming along.
2. Cut Back on Unneeded Purchases
Most of us are guilty of visiting our favorite coffee shops a few times each week. Or splurging on a few grocery items when we go to the store.
Sometimes, these purchases are harmless. But if they become habits, you’re looking at a dire situation that makes preparation for retirement even tougher than it already is.
Once you’ve set-up your budget, look over the expenses that aren’t necessary. You don’t have to cut back on treats altogether. However, you should aim to cut it down to once per week or so.
3. Research Annuities
Annuities are a type of payment plan where you receive a set amount of money over a period of time. Investing in your annuity early on means more cash in the future, especially if you can convince your employer to match your contributions as they would with a 401(k).
It’s also worth noting that you can sell your annuity if anything happens between now and retirement. As Rightway Funding reviews point out, this is a quick and simple way to get cash when you need it quickly.
4. Work on Your Debt
The average American adult has more than $90,000 in debt. The sooner you can take care of those debts, the sooner you can regain control of your finances.
Even if you do so little by little, deposit part of your paycheck into your annuity, put part toward your debts, then spend the rest on necessities.
It might not sound like the most exciting life, but you’re doing your future-self a huge favor by taking care of these debts today.
How to Retire in 10 Years and Live Your Best Life
Retirement doesn’t have to be a far-off dream. Though it’ll take some readjustment and a lot of hard work, you can make your dream a reality by following these guidelines.
Looking for more tips on how to retire in 10 years? Make sure to check out the other content on our blog for additional finance tips!