"A dream that never comes true" – Retirement vision.

Wish you could retire right now?

Give up the rat race, embrace a life of independence, reduce your stress, and have more time for what you value most — your family, education, travel? That might seem like a fantasy but early retirement is within reach of most western people, if they would only take the steps to make it happen

Indians have a different mindset from the which is completely different from people in the Western countries

In India, we generally start off earning pretty late, especially the salaried class. Due to huge unemployment,

We need to go on raising the eligibility bar and today a post graduate degree has become bare minimum for good jobs. When we start late, we necessarily reach our goals late.

There are some other socio economic reasons. First, since we do not have Social security cover of any sort, we have to make sure that we save enough for our old age. Normally your Provident fund etc. grows with your number of years in service and terminal benefits are also maximum if you serve a full term. So everyone wants to work till superannuation. This is an economic reason. The socio factor is, by tradition our family bondages are thicker than those in West. Hence we not only wish to save for ourselves but also want to leave a good slice for our children, which is not very heard of in the West. All these accumulations need time and hence early retirement is ruled out.

Early retirement planning is identical to conventional retirement planning with one big exception – time. You have less time to achieve your financial goals, and more time that your money must last after retiring.

Early Retirement Tip #1: Have a Plan :

The first mistake most people make is they lack a written plan to build financial_security.

You can’t put the formula for financial success to work for you without a plan to accomplish it.

It may be a simple process, but it won’t happen randomly. You make it happen by taking action. A written plan with goals provides the road map and is a necessary first step.

Are you planning for early retirement ? Seek advice of a financial planner who will make ease for you .

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Early Retirement Tips #2 : Saving For Future 

The first step to financial independence is figuring out where your money is going now. Monitoring and, if possible, reducing, your current spending has two important benefits: it frees up more money to be put aside in savings, and it reduces the amount you need each year to live on, thus lowering the total amount you need to save.

Rule of thumb is that, before you retire, you should save 25 to 30 times’ your annual spending.

While the 4% rule has come under attack in recent years — many financial experts argue that it’s too optimistic a number given the outlook for lower financial-market returns in the future — early retirees say it worked for them even in years when the markets performed poorly, such as the market downturn in 2009. The key is flexibility; that is, being able to trim costs so that you can withdraw less in years when the market is down.

Early Retirement Tips #3: How to invest?

The most important aspect of investments is “Financial discipline” as most often than not, we may falter and do not adhere to the objective of investment in the long run, it is easier said than done, as many a time we may discontinue, withdraw or utilize the funds earmarked for a specific goal (retirement) for other reasons due to many reasons be it medical emergencies, or changing aspirations or opportunistic investments etc.

There are numerous investment vehicles but to choose the one best suited and customized is once again a difficult task. When you do this, you have to determine the inflation adjusted corpus required at vesting age and the monthly amount of Investment needed to achieve the same.

Early Retirement Tips #4 manage your taxes

Just as when we’re working, taxes are a consideration in retirement, whether you retire early or not. It’s crucial to include an estimate of your annual tax bill in your “total savings needed” amount.

Your tax bill may come in a variety of flavors. If you’re pulling your income out of a taxable brokerage account, you’ll most likely owe capital gains on those distributions.

Jump start for your retirement planning early.

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It easy to understand why retirement isn’t a priority in your early stage of your career. You’re

More concerned in kick starting your career rather than ending in distant future.

However, being young gives you an edge if you want to build wealth for retirement. You have time to take advantage of compounding interest, so you can save a little now and reap big rewards later.

Don’t pass on the opportunity to get a jump-start on saving for retirement.

Here are some tips for Jump start your retirement planning early.

Tip 1: Have a Plan 

The first mistake most people make is they lack a written plan to build financial security.

You can’t put the formula for financial success to work for you without a plan to accomplish it.

It may be a simple process, but it won’t happen randomly. You make it happen by taking action. A written plan with goals provides the road map and is a necessary first step.

Financial success is a choice. It results from the many small decisions you make each and every day. Without a plan and goals to achieve wealth, your life is like a sailboat without a rudder: it just spins in circles without definite direction

Tip 2: Pay yourself first.

This priceless wisdom was first introduced in the classic book Richest Man in Babylon by George S. Clason and simply says that whenever you have any income coming in, you should set aside a certain percentage for yourself first. This needs to be applied toward retirement as well, and either begins with taking advantage of your employer sponsored 401(k) or opening an IRA (Individual Retirement Account) and setting up automatic contributions. This way, saving for retirement becomes a habit and automatic.

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Tip 3: Control you’re spending 

I know this isn’t rocket science, and in no way am I trying to insult your intelligence, but the less you spend, the more you’ll have for savings. Controlling spending isn’t just about savings; it is also about investing money wisely. When you work hard for your money, it is instantly gratifying to spend it.

Controlling spending now will enable you to create your future nest egg. Also, to be clear, controlling spending doesn’t mean that you can’t enjoy your hard earned money now; it just means that you do so intentionally.

Tip 4: Invest in your Financial Education

Before you start earning you must learn about the financial product.

Similar to the earlier concept of controlling spending, getting out of debt will also provide more money to save for retirement. The money you are paying your bank in interest on your debt or loans is money that could be going into your 401(k) or retirement

This is critically important because financial intelligence cannot be developed overnight any more than wealth can be accumulated overnight. It takes time and disciplined effort.

The earlier you learn your lessons, the less they will cost you. You’ll gain experience on smaller investment decisions, where mistakes can be offset by new savings.

The longer you wait to learn these lessons the more they will cost you. That cost comes in the form of years of missed opportunities and mistakes made with big investment decisions later in life that can’t be offset by savings.

There is nothing more financially dangerous than an investor making a million dollars’ worth of decisions with a thousand dollars’ worth of financial intelligence.

Tip 5: Get out of debt.

Similar to the earlier concept of controlling spending, getting out of debt will also provide more money to save for retirement. The money you are paying your bank in interest on your debt or loans is money that could be going into your 401(k) or retirement account. So you are losing the amount you’re paying in interest, but also the amount of money that you could have been making if that money was invested.

Granted, not all debt is created equal. If you have student loans or a mortgage, those items are considered “good debt.” However, if you have high-interest credit card debt, you need to rid yourself of it as soon as possible.

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How to prioritise your Financial Goals?

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Should you start emergency fund or save for retirement? Have you think what to Prioritise first?

For some people, putting away enough money to go on a vacation is the ultimate luxury. For others, dining out once a week or getting a monthly pedicure is a real treat. Whatever your lifestyle, it’s important to understand how to get the most from your money so you can live comfortably and within your means. It’s Hard to know how to prioritise your financial Goals.

Personal finance is always personal, so there isn’t one answer for everyone. Most of us severely underestimate how much we need to save in our daily lives.

Here are some tips how to rank your financial goals:-

1. Retirement comes first:-

We putting retirement at the top of your priority list of just because Retirement is the number one financial priority for pretty much everyone for three reasons:

Inflation causes the value of every dollar to shrink year after year, so by the time you retire, you’ll need much more money every year to live than you currently live on now.

We’re living longer than ever and health care costs are rising, so we need to save up to take care of ourselves for a longer period in retirement than previous generations did.

Today’s retirees can rely pensions. But we won’t be able to. Pensions are becoming much less amount it’s up to us to save what we can for retirement.

2. Keep Track of your financial:-

Many personal finance and budgeting tools are mobile, and allow you to track where your money is going. You can make smart financial decisions such as whether or not to join that after work happy hour. Budgeting is flexible. You can always shift your priorities, saving some of those wants and needs for next month.

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3. Debt:-

Debt may be third on this list, but that doesn’t mean it’s not a high priority. Yes, it comes after retirement and Tracking of your financials, but it also comes before your Lifestyle Choices spending. That means that every month, you make your debt payments before you, say, buy a new phone or that Thanksgiving plane ticket home or the new work shoes you need. Why? Because debt is a huge burden, and because–in the case of credit card debt–your debt can grow. For that reason, when you tackle your debt, you should:

First work on paying down credit card debt over other kinds of debt.

Among your credit card balances, pay minimums toward everything but your highest-interest rate debt. Put as much as you can toward that.

Once that is paid off, prioritise your next-highest interest-rate debt. Non-credit card debt, such as from student loans, is lower in priority than credit card debt because the amount does not increase the longer you hold it.

4. Maintain an emergency Fund 

You never know when your car might break down, when you’ll need to take time off from work for family issues or your AC will begin to leak. It’s important to be prepared for life’s unexpected turns by having an emergency fund to tap. If you have three to six months of expenses saved up, you can avoid taking on debt. If you don't have a fund, start saving now. When something goes wrong, and it will, you won’t have to reach for your credit card or take out a loan to cover the cost.

6. Be Reasonable 

Don’t plan your budget that you will never be able maintain just like diet or exercise program, it is always important to have realistic budget. If you are not able stick to your budget plan or not able to save, don’t expect to have a change overnight. Instead start setting small goals that you can achieved and you can build the confidence to tackle bigger changes down the line

If you follow these tips, you can easily create a liveable budget that will help you achieve financial peace of mind. If you find any difficulty in ranking your financial Priority Consult your financial Advisor.

Secure your Future by taking expert financial advice from certified financial planners, By leaving a missed call to 022-62116588 or visit Moneymindz.