Survival Update

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How To Retire Step By Step

Photo by <a href="">Aaron Burden</a> on <a href="">Unsplash</a>

Planning for retirement is not something you can do within a few minutes. Instead, a gradual retirement process is often a lot more easily achievable by those who want higher levels of freedom without missing out on the things they are used to. Ideally, when you retire you should still have some income and benefits coming in. These will help keep you more comfortable during the transition.

1. Partial retirement

The first step towards early retirement is often switching from your full-time job to a part-time job. If you have been with the same company for years, you are often able to just keep your job while working fewer hours. This is a great way of maintaining both your security level and having more free time.

2. Savings

Retirement is built on savings. Whether you have an IRA or a 401(k) you should be adding more money to your accounts every time. You can continue making payments into these accounts regardless of your age, so, when possible, try to max out your contributions and take advantage of any contribution matches your company makes.

3. Social Security payout

Delaying your payout will often result in you getting a much larger check at the end. If you are in a position where you can delay your payout you might be able to get more than 100% more money just because you have waited a few years.

4. Other paid work

Just because you are entering partial retirement it does not mean that you should not try to get better-paid work. Consulting in your field, teaching, or getting a freelance job on the side can all be great options that will allow you to work fewer hours while getting more money.