How To Retire Quickly? 5 Ways To Kick Start Your Move

Retire quickly. Retire fast. Retire early. Retire young.

Basically, they mean the same thing, that you retire earlier than planned.

How do you get to retire quickly?

I have 5 ways here to help you achieve it:

• Educate yourself about investing and even consider paying a professional to help you choose the right place for your money. Financial experts say many people keep too much money in the wrong kinds of accounts, e.g. checking accounts, savings accounts and money market funds, which typically have low interest or return rates.So, if you add $300 a month, or $3,600 a year over 10 years to a starting retirement savings balance of $40,000, you would more than double your money, assuming a 5% rate of return and all earnings reinvested
• Practise "asset allocation", meaning put your money in different types of products that earn different rates of return. This is a recommended technique as a way to spread your risk. A general rule of thumb is to have some of your money in "cash," such as a savings, checking, or money market account with little or no risk; some of your money in bonds, with a little more risk but paying more interest; and some of your money in stocks, with higher risk but a likely higher return, especially in the long run. Another way to spread your investments among different categories is to invest in index mutual funds. Index funds are a collection of investments, such as bonds or stocks, that closely match the performance of the major holdings for that category of investment. For e.g., a Standard and Poor's (S&P) index fund tracks the 500 broad-based stocks that comprise the S&P 500 Index. A bond index fund would track the performance of major bond holdings in that index. In this way, your investment follows the financial market for that particular category
• Contribute the maximum to your retirement plan, especially if your employer contributes too. And you get to postpone or "defer" taxes until you withdraw the money at retirement. Then you may be in a lower tax bracket
• Cut expenses, big and small, to help narrow your savings gap
• Stash away your pay rise or bonus and put it in savings and invest it. Over the years, it could come into a neat pile of money

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AP - Bank of America Corp. and Merrill Lynch & Co. are in talks about a possible combination of the two financial companies, according to an official with direct knowledge of the talks.