David Giertz is a proficient financial advisor with extensive experience of over 30 years. He is a graduate of Millikin University and the University of Miami with a BS and MBA respectively. David began his career as a Financial Services Advisor and rose through the ranks due to his exemplary work. He has been president of various organizations including Nationwide Financial Distributors Inc., Nationwide F1 Distributors Agency Inc. and Regional Vice President of Southeastern USA, boosting their income progressively. He is a qualified business coach who has inspired and coached many leaders as well. Below are some tips for retiring early by David.
- Save enough money
While still holding on to your jobs, David Giertz firmly encourages people to have savings accounts and save too. There is no limit to how much you can save because you have no idea how much money you will require after calling it quits. David recommends people to save up to ten times their yearly income. Following this program will find you with up to 15 times your salary saved up even after five years of early retirement.
- Have a flexible retirement plan
A well thought out plan comes in handy if you don’t want to be in a crisis in the first few years of retirement. David cautions people to choose the right retirement accounts that don’t incur any penalties on clients when early withdrawal is made. Roth IRA is a flexible plan, but it is limited to people with income less than $118,000 yearly. The other two are the 401(k) and 72t rule plans that help people who want to retire early with minimum conditions.
David advises people to invest as it boosts possibilities of early retirement. Splitting your savings into a retirement and after-tax accounts whereby you can invest money in after-tax accounts and make withdrawals anytime without penalties. Health investments are also a thing to consider because the savings will cater for your medical bills in the future.
In a nutshell, consulting a financial adviser is a bold step towards making retirement plans. There are more aspects to examine before retirement because savings alone cannot be depended on. Unexpected as well as lifestyle expenses use up most savings. Thus, a well thought out plan for retirement will have you covered.