PennyGem’s Chloe Hurst helps you to aspire to retire, hopefully by 55!
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00:00If you agree with the idea of working hard and playing later, an early retirement might be the perfect plan for you.
00:10Irrespective of your retirement dreams and the way your life savings account currently seems,
00:15follow these simple suggestions to keep your options open for early, or even expected, retirement.
00:21According to MarketWatch, FIRE stands for Financially Independent Retire Early.
00:26It's the people with hopes of retiring by 55, but certainly by the average retirement age of 65.
00:33However, there are doubts as to whether retiring early is even possible these days.
00:38The FIRE movement forces people to start thinking early about the benefits of saving instead of spending now,
00:44versus not having to work in the future.
00:46Studies have shown the pandemic has accelerated retirement goals, with a general consensus agreeing that life's too short.
00:53John Hancock suggests the probable obvious, pay off and avoid debt.
00:58Every long-term loan jeopardizes assets that could be used for retirement,
01:02and you could even be increasing your costs by paying unnecessary interest.
01:06Delay claiming Social Security until your full retirement age.
01:10This is typically between ages 66 and 67, but even wait until 70 if possible.
01:17The size of your check increases by 8% every year you delay your claim benefits.
01:22Between full retirement age and 70.
01:25Insider reports there is a difference between living rich and being rich.
01:29Consider yourself rich from a behavioral standpoint, not by figures or material means.
01:34Earn a lot, save a ton, and invest for a long time.
01:39Have a net worth target goal and maximize your credit card rewards.
01:43But don't forget, an investment in yourself will go much further than your money will.