How to plan for early retirement the Crazy Cat way

Can I Afford to Retire Early?

Here at Crazy Cat we are in our 50’s and always on the lookout for ways to retire early!

Planning for your Retirement may seem a long way off, but act now and the benefits will follow – here are our  “How to retire early” tips:

  1. Find out how much you will need to Retire on – ask your Pension provider for a forecast & work out how much you currently spend per year.
  2. Start to increase your savings pot – 10%-15% is what you need to save of your yearly income for Retirement.
  3. Prioritize your Retirement fund first – Then think about your kid’s college fund after. Your children have their whole lives ahead of them.
  4. Tackle your debts – switch your credit cards to zero interest, pay off your mortgage early (without incurring costs)
  5. Join a company Pension plan and max out on what you can pay. Check that your employer matches your contribution.
  6. Cut down on major costs – Downsizing, switching loans to lower rates, holiday at home, keep your car for a year longer.
  7. Delay your retirement or consider part-time employment if you can.
  8. Get Financial help from an Independent financial advisor
  9. Make a Financial plan, agree on it with the family and stick to it.
  10. Don’t fall victim to a scam – if you are unsure then visit your local Citizens advice bureau who will help point you in the right direction.

retire early

Let’s face it who really knows what Pensions are all about? If you do then you have my full admiration, if you don’t then below are some links to easy to read websites.

Useful link for you is the government website which provides information on the State Pension – if you are entitled to it and when you can take it.

Money Advice Service has independent information on understanding the pension minefield.

How to avoid a Pension scam

I hope this helps..and if you need a freshly ground cup of coffee drink whilst reading all this then click the link for a Cup of Crazy Cat – enjoy.

How to retire early
Crazy Cats Freshly Ground Coffee

 

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