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3 Things You Need To Do To Retire By 40

By Cameron Huddleston
GOBankingRates.com.

WWR Article Summary (tl;dr) Although a survey by the Employee Benefits Research Institute found that only 9 percent of workers expect to retire before 60, some Americans actually manage to give up the 9-to-5 by age 40. So how can women in business gain financial independence after just 10 to 20 years of working? 1) Do the math,  2)boost your savings rate and  3)focus on growing equity. 

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The average retirement age in America is 63, according to an analysis by financial technology company SmartAsset.

However, plenty of people don’t retire until after age 65, and some never retire, either by choice or necessity.

Still, there are the lucky few who manage to retire early, often long before their peers. Although a survey by the Employee Benefits Research Institute found that only 9 percent of workers expect to retire before 60, some Americans actually manage to give up the 9-to-5 by age 40.

Joe Udo of Retireby40.org achieved this goal, as did Billy and Akaisha Kaderli of RetireEarlyLifestyle.com. Then there’s Pete Adeney of MrMoneyMustache.com, who managed to retire at age 30.

You might be wondering what these individuals did, and, more importantly, what you can do, to gain financial independence after just 10 to 20 years of working. Although there isn’t just one path to early retirement, here are some essential steps to take if you want to retire by 40.

DO THE MATH
Early retirement doesn’t just happen. If individuals hope to retire by 40, they need to start making smart financial choices early in their careers.

“You’re not going to get there without a plan,” said Todd Tresidder, who retired nearly 20 years ago at the age of 35.

Tresidder said that he had always desired financial freedom and began his career with an eye toward early retirement.

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