mapodile / Getty Images Retiring at any age with a significant nest egg can be a challenge, but planning to check out of the working world by age 50 brings additional hurdles. Yet, retiring at age 50 is a completely feasible option for many workers.
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If you’d like to count yourself among them, you have to develop a goal-oriented, scarcity mindset that will require giving up a lot to reach your goal. But if you’re willing to make the sacrifices, an early retirement may be an achievable goal. Here are just a few of the steps you should take now if your goal is to retire by age 50. Work in a High-Paying Industry
The best way to have more money for retirement is to start with as much as possible. While you can save for a decent retirement at age 65 or 67 on even an average salary, if you’re looking to stop working at age 50, you’ll need to maximize your earnings. This may be the first of many sacrifices you have to make to reach your goal, as many high-paying industries require lots of stress and overtime, and some may be in a field in which you have no interest. Only you can decide what you’re willing to trade off in order to earn the highest salary possible. Save as Much as Possible
This tip is as basic as they come, but it’s also essential. Those who are able to retire as early as age 50 are typically super savers, socking away 50% or even more of their monthly income. This can be harder than it sounds, as about 40% of Americans would struggle to cover an […]
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