woman does not know how to retire with no money

How To Retire Early With No Money

There are seven steps you can take to learn how to retire early with no money:

  1. Adjust your current budget
  2. Find out your annual retirement spending
  3. Use the rule of 25
  4. Invest for growth
  5. Keep an eye on your expenses
  6. Live below your means
  7. Be sensible in emergencies

Below, we'll dive into each of these money-saving tips, so you stand the best chance of retiring early — it doesn't have to be a pipe dream!

How to Retire Early With No Money: The Top 7 Steps

1. Adjust Your Current Budget

Ultimately, retiring early means making changes to how you live now, so you can relax and enjoy life in the future. That means you'll need to cut your budget down to the basics. With an early retirement ambition, you should aim to live on half of your income or less to put the rest into savings.

There are two primary ways to go about this — live frugally or make more money. The former means getting rid of subscription services, only buying essentials, and cutting down on transportation usage. The latter requires investing wisely and starting side hustles. It's up to you which route you'd like to take.

2. Find Out Your Annual Retirement Spending

Another crucial step in your how to retire early with no money plan is to calculate how much you'll spend per year once in retirement.

For the calculation, you'll need to know your current monthly outgoings and consider the items that'll go down, up, or need to be eliminated.

Multiplying the monthly figure by 12 equals your annual retirement outgoing needs. Now, we strongly recommend increasing this value by 10% to 20% to give your future self some breathing room.

3. Use The Rule of 25

Perhaps one of the most panic-inducing steps on this "how to retire early with no money" list, the rule of 25 states that you should have 25 times the answer to the above saved before giving up your working life. So, if you plan to spend $50,000 during your first year as a retiree, you need $1.25 million saved.

Keep in mind that this rule assumes your retirement fund is actually invested.

woman learning how to retire early with no money

4. Invest for Growth

Investment returns are your best friends when it comes to walking away from the desk life forever. You need a balanced investment portfolio focused on long-term growth to get high-quality results. You can make your own decisions about how to go about this, but we'd suggest looking at somewhat high-risk low-cost index funds.

5. Keep an Eye on Your Expenses

So far, you've put in a lot of work to estimate how much you'll spend every year in retirement. However, sticking to the estimate is a much more challenging task.

If you regularly go over this estimation as a retiree, you'll likely need to go back to work to restore your dwindling bank account. Of course, that isn't the ideal scenario, so it's essential to ensure your estimation is accurate.

6. Live Below Your Means

Don't spend your entire paycheck every month. Living way below your means is a must-do when you're planning to retire early.

With that in mind, it's a good idea to keep your significant expenses (i.e., accommodation and transportation) to a minimum. Whether that means buying a smaller house or getting rid of the Audi, cutting back in these departments saves a boatload of money.

7. Be Sensible in Financial Emergencies

People tend to freak out when emergencies happen and throw their retiring-early plans out the window. But that won't get you anywhere.

You can deal with the financial emergency while keeping your retirement plans on track. One option is to take out online title pawns in Georgia. You can borrow up to $15,000, depending on the value of your vehicle, by following these steps:

  1. Use our convenient online inquiry form. It sends your information straight to your local Georgia Auto Pawn, Inc. store.
  2. Answer the phone when one of our loan representatives from the storefront gives you a call. They'll explain the required items, answer your questions, and ensure you understand the process. At this point, you can choose where you’d like to meet for the vehicle inspection: it can be your home, the nearest café, or any other place that’s convenient for you.
  3. Wherever you decide to meet, meet with our representative and be ready to provide your driver's license, lien-free title to your vehicle, and your car itself. You can use a different kind of state-issued identification if you'd prefer.
  4. When you arrive, one of our loan associates will perform a fast five-minute inspection of your vehicle to establish the amount of money you qualify for.
  5. After that, you can ask any questions you forgot to mention earlier and complete the paperwork.
  6. Finally, you get the money on the same or next business day and leave with your vehicle!

woman got an online title pawn

Submit Your Online Title Pawns Inquiry Now!

Now you know how to retire early with no money, you're well on your way to success. Plus, you'll never need to worry about crises, thanks to our online title pawns. You can get cash for your car title today if you fill out our short inquiry found on the Main Page or call us directly at 800-514-2274.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.