How to retire by age 50?

+1 vote
asked Aug 29, 2017 in Employment & Careers by Mark G (360 points)
I'm currently 25 years old and would like to retire by age 50 years old?

That gives me 25 years of working before I can retire.

How can I retire by age 50?

1 Answer

0 votes
answered Aug 30, 2017 by Lilly21 (57,780 points)
If you want to retire by age 50 years old you need to start putting a good portion of your income into savings and only buy what you need to get by.

Avoid spending on unneeded things.

You should aim to put $500.00 per month or more into your retirement savings account

If you save $500.00 per month in 20 years you will have saved $120,000.00 plus that income will grow overtime if you have it in a savings account and by 25 years you'll have even more money saved.

If you put more into savings such as $1,000.00 per month if possible then you will have $240,000.00 in 20 years just from what you saved. The interest you earn will of course double that amount of money.

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