The best retirement advice from my dad, who retired early at 55 - Business Insider

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My Dad would have been on track to retire by 50 if it weren't for the 2008 recession, which decimated his retirement accounts

almost as soon as it entered that summer, and not because it was being funneled into a retirement account.

Then I watched my Dad retire at least a decade before many of his peers, and my entire perspective changed. My stepmom retired even younger, after my Dad convinced her to join him in his plan for early retirement.How my parents retired early Both my Dad and stepmom worked in sales and marketing for a high tech company by way of degrees in electrical engineering, so it's worth stating up-front that they both earned salaries that most would consider more than comfortable.1. Set a goal, create a budget, and track your progress

The first thing they did was figure out exactly how much money they'd need to comfortably retire when my dad hit 50 and live off that money well into their 90s. Their retirement budget included a salary equal to their pre-retirement pay and line-item expenses for things likeAfter creating a retirement budget, they worked backward to figure out how much money they'd need to save each year to get there by age 50, taking into account the expected rate of return on their investments.

 

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