Retirement is bound to happen in life. You will eventually exit the productive age and stop working. While some people accept this fact and continue their lives as it is, some others actually have a thorough plan on how to retire early and live comfortably. If that makes you interested, here are some steps you can follow.
 Understand Your Life Timeline. We know that we can’t predict our future accurately. Yet it’s still better to start planning for retirement as early as you possibly can. You can start by looking at where you stand in your life timeline right now. Then, estimate how long you will have to stay working until retirement and what you can do during those years to reach financial freedom.
This step is crucial since everyone would have a different head start. If you just start working and don’t have many responsibilities, you can focus on saving a larger portion of your income right away. This can be different when you’re a bit older and being the family’s breadwinner. Another important thing to consider is your future plan. Include major plans such as marriage and having children in your calculations.
 Estimate Retirement Expenses and Saving Target. Get an estimation of how much you will spend monthly after retiring. You can do this by looking at your current monthly expenses. Generally, people would not want to downgrade their lifestyle, yet it’s very likely to happen when you don’t have the same income anymore.
In an ideal situation, major debts would be out of consideration since you would have them paid off before retirement. If it’s not the case, ensure that you will still be able to pay them off gradually. Calculate monthly expenses for basic needs like housing, food, transportation, and insurance. Don’t forget to take leisure expenses into consideration–you want to enjoy retirement, don’t you?
Now you can calculate your retirement saving goal. With the previous estimation you’ve made, you can assess how much money you will have to save up before retiring. Start by figuring out a rough number of your annual expenses by taking your monthly spending and multiplying it by 12. Then, you will need around 25 to 30 times that number to enumerate your estimated saving goal.
 Manage Your Current Finances. You’ve analyzed your financial timeline and goals, and the estimated number might seem intimidating. Worry not; simply proceed to the next step: figure out how to reach that and start taking action.
 Spend Less. Spending less is sometimes easier said than done. Money feels like coming and going so fast without you knowing where it is going. If that’s the case for you, building better financial habits might be beneficial. Start making a budget for each of your monthly needs. Spending less doesn’t necessarily mean being stingy; it just means being wiser and more responsible with the money you have.
To do this, you can begin by tracking your daily expenses for a few months. Then, you can simply download money manager apps on your phone and log your financial condition daily. By then, you will have an idea of what you generally spend your money on, and then see if you can make adjustments for unnecessary spending. The earlier you want to retire, the more disciplined you need to be. Remind yourself of your goal whenever you feel like you’re falling off the track.
 Earn and Save More. Saving up for early retirement might need more effort than living paycheck to paycheck. Besides decreasing your expenses, it would also help if you could increase your income and save more money. To earn more, you can plan different things, such as increasing your skill for a better salary or working on a side hustle besides your main job.
As your income gradually rises, make sure to not fall into the trap of over-upscaling your lifestyle. The temptation is real: you might start wanting better things in life. While it’s not completely evil to do so, upgrading your lifestyle too much can cost you a lot. Try to save a reasonable amount of your income—better if as much as possible—to keep chipping in into your retirement saving goal.
 Invest Long-Term. Spending less and earning more is the most basic key to achieving financial freedom. However, inflation is real; your savings might be worth less than 10 to 20 years from now. Therefore, it’s good to dive into the art of investment and learn how money can passively work for you. There are tons of investment options, from low to high risk, that you can choose according to your liking.
You can try investing in gold, stocks, mutual funds, government bonds, or even cryptocurrency. Whichever one you may choose, make sure that you have a good understanding of how it works. It might be better not to rely on this as your main income and opt for long-term investment instead. If the odds are in your favour, your investment might have a much higher value by the time you retire.
 Get Health Insurance. Health is priceless. Yet sometimes, we take it for granted, especially when we’re young. Maybe you want to work as hard as you can to retire early, but it means nothing if your health suddenly collapses. This is where health insurance comes in. Having health insurance provides you with security in case any health problem occurs.
The premium is way cheaper if you sign up early because there is relatively less risk for young people to have a health problem. In addition, it will cover you up if a medical emergency happens. It’s also important to keep health insurance after retirement to be extra safe, even though some people prefer to save up for their own emergency fund. Signing up for one is pretty easy these days. You can take your tablet out and download one insurance app of your choice, and then the customer service will walk you through the procedure.
 Work with a Financial Advisor. All this advice on how to plan early retirement might be overwhelming. When you know you cannot manage it all by yourself, seek the help of a financial advisor. Financial advisors are helpful, especially when you have obstacles such as big debts or even bankruptcy. Elaborate on your financial condition and goals (including retiring early), and they will guide you through steps on how to achieve your targets.