Many people go into early retirement in the absence of the basic needs to take them through the new phase of life smoothly. A lot of people wait until they have retired to start planning and then they end up failing miserably. It is important to prepare for retirement early in order to avoid finding yourself in a predicament that you could have avoided. David Giertz issues a number of advises on the subject.
Saving for early retirement is not easy regardless of one’s paycheck, because it is difficult to estimate how much money you need to cover for the entire retirement period. It is wise to have enough money to last through the entire period since you will be spending more than you are earning.
It is a good idea to save chunks of your income for retirement. However, the money saved might not be sufficient and therefore, one needs to consider other income opportunities for financial stability. Investment is a ticket to financial freedom. Investment can be a good way of earning extra income and one simply needs to know when, how, and where to invest. It is important to know whether or not the amount saved will be sufficient when you retire. This question will help you determine the amount you need to save.
In conventional saving, you should be able to save ten times your annual income when you turn fifty years and by the time you get to sixty years, you should have thirteen to fifteen times the amount you earn annually. David Giertz is the senior vice president of Nationwide Financial Distribution and sales for Nationwide Life Insurance Company. David Giertz has more than thirty one years of work experience. He is a registered broker at FINRA as a financial advisor, David Giertz is registered in all the states he operates in.