As a financial professional, my conversations with clients often center around retirement goals and dreams. When we really think about what retirement is, it’s not just about doing all the things you enjoy most, it’s actually the ability to remove the need for mandatory work so you can live the life you truly want for as long as possible. With that in mind, it’s important that we work together during your earning years to identify how you can retire more comfortably, and maybe sooner.

There’s a lot more to it than saving. Your contributions today hold exponential growth possibilities, so we want to maximize them. There are some common expenses for most workers that, when adjusted, could allow you to retire years earlier. Consider these:

Lower Housing Costs – Bigger homes equal more expenses across the board, so sticking only to what you really need can drastically impact the size and growth of your retirement funds. Downsizing, switching to a less expensive neighborhood or renting out a room for extra income can also add thousands of dollars a year to your nest egg.

Decrease Transportation Costs – Second to housing, many people overspend on cars and upkeep. Try buying used instead of leasing new, lowering your insurance premium, keeping your car longer instead of upgrading regularly and using public transportation when you can to save on gas.

Earn More – While there’s a limit to how much you can cut in expenses, there’s additional possibilities for what you can earn! Whether you launch a side business, vie for a higher salary, get additional training for a higher-paying job or become your own boss, every extra dollar earned equates to much more financial security over time.

Bank Your Raises and Bonuses – Banking your extra money instead of spending it is the best way to increase what you can invest year over year. By automating both your debt payments and direct deposits into multiple savings and retirement accounts, you can essentially hide this extra cash from yourself and maximize your earnings.

By taking advantage of strategies like these and funneling saved dollars into retirement, you might find yourself ready to retire ahead of when you thought. I’m happy to help you review and maximize your contributions so please let me know how I can help!