A quick look at social media these days and you would be forgiven for thinking that all it takes to say goodbye to 40 hour work weeks is to start an online business, rake in the big bucks, invest a little, and set sail in the Pacific before you’re 35.

But, it’s not quite that easy to retire in your 30s. Or that common.

What is more realistic, however, is retiring early – your mid-50s, for example. All it takes is some strategic planning and execution. Follow these tips and you can be well on your way to sun, sand, and surf before you know it.

Tip #1 to retire early: cut back on expenses

This might seem obvious, but if you want to save more for retirement, you need to spend less. Reduce your bills wherever possible to the bare minimum and cancel any subscriptions you can live without. Do you really need 4 different streaming services? If you’re serious about putting away as much as possible, consider moving into a smaller home with cheaper rent or mortgage payments.

The older you are when you begin cutting back, the more you’ll have to cut back.

Tip #2 to retire early: open a high-yield savings account

High-yield savings accounts are easy to move money in and out of without fees, and have significantly higher interest rates than your traditional bank account. Some Canadian favourites include EQ Bank, Saven, Wealthsimple, and KOHO.

Tip #3 to retire early: increase your income

If you’re working a traditional 9-5, consider starting a “side hustle” to help you earn extra income. Even a few extra hundred dollars a month can make a big difference in the long run.

Other ways to earn extra cash? Sell clothing and items you no longer use, sign-up to drive for Uber or a similar service, or rent out your car or sports equipment that rarely gets used.

Tip #4 to retire early: invest 

A high-yield savings account is a great start, but if you really want to see your money work for you, you need to start investing. Apps like Wealthsimple can be great for those just starting out, but a financial advisor can help you put together an investment strategy that suits your specific financial goals.

Tip #5 to retire early: work with a professional

A professional financial advisor can help you not just with investing, but by coming up with a unique, comprehensive financial plan to help you meet your early retirement goals. Book your free 30 minute consultation call with Steven today to see how he can help you achieve your goals – long-term, or short-term.