Early retirement usually requires you start saving early in your career! But --- if you're a late starter Certified Financial Planner Troy Sharpe of Oak Harvest Financial Group has some ideas for you.
- Start NOW. You really need to catch up. So - starting now target 30% of your take-home pay going into what he calls the "Bank of Tomorrow." You need to save it. You need to Invest it. And make sure you target that 30% of your take-home pay income level.
- There's Passive Income to Explore. You don't have to buy an apartment complex to bring in passive income. In order to generate a passive income stream in retirement, you do need funds saved up so you can make investments - whether it's a passive real estate or even a lifetime income annuity.
- Get a Professional on Your Side. It is absolutely worth the hourly fee to sit down with a Certified Financial Planner Professional and tell them your situation. Do be embarrassed - be honest. Start the process of building a financial plan and strategy. That should help you save a lot more and make better decisions. Don't do this alone!
Starting a Retirement Plan at 50
You may miss out on the vacation home in the Swiss Alps you always wanted -- but you still have time to create some real comfort for your silver and golden years!