{"id":1411,"date":"2023-02-14T12:15:08","date_gmt":"2023-02-14T12:15:08","guid":{"rendered":"https:\/\/www.hansfordbell.co.uk\/?p=1411"},"modified":"2023-05-21T19:46:58","modified_gmt":"2023-05-21T19:46:58","slug":"how-to-retire-early","status":"publish","type":"post","link":"https:\/\/www.hansfordbell.co.uk\/how-to-retire-early\/","title":{"rendered":"How to Retire Early"},"content":{"rendered":"
If you’re looking to retire early and enjoy more of life’s adventures, this blog post is for you. In this guide, we’ll cover some of the essential steps you need to take to retire early, from saving and investing to side hustles and living frugally.<\/p>\n<\/div><\/div><\/div>
While this one might sound obvious, it\u2019s important to understand. The earlier you start saving, the more time your money has to grow. Start by setting a savings goal and determining how much you need to save to achieve this. You can also use retirement and pension calculators to estimate the amount of money you will need to save based on your desired retirement age, lifestyle, and other factors.<\/p>\n
You should also look at automating your savings. For example, by setting up automatic transfers from your current account to a retirement or savings account. There\u2019s no doubt that saving as a young adult takes discipline and dedication, but the benefits of early retirement are worth the effort!<\/p>\n<\/div>
Check out our service propositions<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> Investing in a retirement account <\/a>allows your money to grow tax-free. Take advantage of any employer matching programs, and make regular contributions. Diversification is key to managing risk and maximising returns. Invest in a mix of stocks, bonds, and other assets to spread your risk and minimise the impact of any individual investment. Your investments can both rise and fall in value. Your capital is at risk<\/p>\n Learn more about how to financially preparations for retirement ><\/a><\/p>\n<\/div> Get in Touch<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> Having a side hustle<\/a> that brings in extra income is a creative way to help you reach your financial goal. More and more people are turning hobbies into a money-making proposition, and it\u2019s proving to be very lucrative. According to Workplace Insight<\/em><\/a>, one in five (19%) adults in the UK have started a side hustle since March 2020 and, almost one in six\u00a0 (16%) claim to earn upwards of \u00a31,000 a month from their new venture. That\u2019s a lot of extra money to put towards your pension pot!<\/p>\n<\/div> Learn More About Hansford Bell<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> Passive income refers to income that you can earn without actively working or trading time for money. Some popular examples include:<\/p>\n Living frugally<\/a> doesn\u2019t have to be as bad as you might think. It just means simply being smart with your money and not wasting it on things that don\u2019t align with your saving goals. A simple change in how you prioritise your spending can make a huge<\/em> difference. Spend your money on the necessities first and cut back on other things that aren\u2019t quite so important. Consider swapping eating out for homemade meals and replacing short Uber trips with a healthy walk. Avoid lifestyle inflation and unnecessary expenses, even as your income grows. Live below your means and save as much as possible.<\/p>\n This type of investment typically offers a higher dividend yield than the broader market, which means you can earn a higher income which can be reinvested to compound your returns over time. Though, it’s important to note that investing in high-yielding shares comes with risks, as with any investment. For instance, high-yielding shares may be more volatile than the broader market, and can sometimes <\/em>be a warning sign of a company being in financial trouble. As with any investment strategy, it’s important to do your research and invest with a long-term perspective. Consider working with a financial advisor<\/a> who can help you build a diversified portfolio that aligns with your investment goals and risk tolerance. Your investments can both rise and fall in value. Your capital is at risk<\/p>\n<\/div> Get in Touch<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> Another great tip is to work with a financial life planner<\/a> as soon as possible, getting expert advice on setting up a tailored plan that will help you to reach your retirement goals.<\/p>\n A financial life planner <\/a>is a professional who helps individuals and families align their financial goals with their life goals. Financial life planning goes beyond traditional financial planning, which typically focuses on achieving specific financial objectives (such as saving for retirement or paying off debt. It takes a more holistic approach, considering a client’s overall lifestyle, values, and aspirations.<\/p>\n Financial life planners also help clients navigate life transitions, such as marriage, divorce, and career changes, providing ongoing support and guidance as needed to ensure their financial plan remains aligned with their changing needs and priorities over time. The end goal is to help clients meet their life goals, achieve a sense of financial security, and overall peace of mind.<\/p>\n Retiring early requires a long-term commitment and a willingness to make sacrifices in the short term. But with discipline and dedication, it is more than achievable and even more worthwhile.<\/p>\n<\/div><\/div><\/div> Hansford Bell has helped clients in the South West and further afield plan for rewarding and fulfilling retirements<\/a>. Whatever your ideal destination, our team can help you get there by working out the best way to receive and manage your provisions. Contact us<\/a> today to find out more \u2013 let\u2019s get planning for your future!<\/p>\n Your investments can both rise and fall in value. Your capital is at risk.<\/p>\n<\/div>Invest in a Retirement Account<\/h2><\/div>
Consider Picking Up a Side Hustle<\/h2><\/div>
Explore passive income streams<\/h2><\/h2><\/div>
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Live frugally<\/h2>\n
Invest in high-yielding shares<\/h2>\n
Seek advice from a financial life planner<\/h2><\/h2><\/div>
What is a financial life planner?<\/h3>\n
Make your early retirement dreams a reality with Hansford Bell<\/h2>\n