Saturday, November 9, 2013

How to Successfully Retire at 51

retirement (Photo credit: 401(K) 2013)
Retiring by age 51 will take some significant planning and if you have the inclination when you are in your twenties, it won’t be that hard. Depending on your income at your early age, if you put away $10,000 to $12,000 year, you can have the amount you want to for retirement. 

With age 51 being your goal, you can enjoy your retirement and still have enough body left to boogie on with the best of them. If an illness has hit you or your household, it may take away from the retirement, but at least you have it to lean on when times get hard.

So let’s break that down

If you have the forethought to take care of saving this money, then break it down even more so that your bite sized pieces are more attainable. $12,000 divided by 12 months equals $1,000 a month. That can be a sizeable amount for a coffee barista. So, let’s break it down even more and divide that amount by the days of the month. That is $33 a day. A lot of twenty something’s don’t make that much a day, so we should make this more user friendly for anyone.

Let’s do $50 a week. That calculates to $200 a month and $2400 a year. Multiply that by 20 years for the sake of this example and you get: $48,000. Not a bad haul at all, and if you have the inclination to invest, do it wisely. Meaning, have some help to get started, not just by diving into the market unknowingly.

It won’t

Forty eight thousand dollars certainly will not be enough to retire on, but it’s better than a kick in the patooty and you have the opportunity to help it grow with some aggressive investments; so do it. Be aware in the back of your mind, that you could potentially lose all that money as well. Are you prepared to start over?

If you

If you can grow into a six figure income, the $12,000 a year goal is a lot more attainable. Between what you have and what your spouse has, the growth can be enormous. Plug in your social security; if it still exists in twenty years, then you can retire very comfortably.

Keep in mind

Life happens and along the way you are going to lose a few and win a few. You may have a divorce and lose everything. Likely only half, as most states only allow the spouse to take half. You might also have a death to contend with or even an illness. Life throws an amazing amount of things our way. No matter what the lesson is that we are supposed to learn, figure out how to continue putting money away.

If you stop and don’t have an amount put in every week, you are only sacrificing one thing: Your retirement. Remember, your goal is 51. Are you willing to go beyond that? Will you be well enough to do anything when you reach that age? Will you want to travel like you have dreamed all your life? It’s totally up to you and how you do things. 

No matter

No matter what you do with this journey we call ‘Life’. It is up to you to finish the final chapter. You don’t have any more information how long you will be on this planet, than the neighbor or the dog next door. One thing is for sure; whatever you decide make it work for you, remember to do it with a smile on your face and a whistle in your heart. Go enjoy whatever it may be.

About The Author:

Blair Thomas is the co-founder of the #1 high risk Credit Card processing company in the US. He has been in the electronic payments industry for over 10+ years. When he is not running his business he spends his time writing and producing music, which has been featured in a variety of films. 

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