It is never to late to start investing for an early retirement. Much is made out of starting as early as possible. And indeed, starting as early as possible will have its rewards because of the power of compounding investment income.

But many would not have started saving at a young age or never really put much thought into it. Then suddenly, they find themselves thinking more and more about retiring from their jobs. They may be 40, 50 or even 60 years old.

That is the time to evaluate your current financial situation in terms of your available savings plans. For example, you may have retirement plans stashed away in a number of places that were contributions from previous jobs and you are not aware of their value. Seek these out and see what they will be worth in terms of income now or in a few years. If you have more than one plan, it may be worthwhile consolidating them into one plan if possible. A financial planning expert who specializes in retirement planning may be able to offer good advice.

You may also have savings or investments that can be converted into income bearing plans. Add all these sources together and with your investment counselor, see what kind of income you could have now, in 5 years from now or in ten years. You may be pleasantly surprised.

If the income does not meet your current expenses, then consider downsizing so that you reduce your annual operating costs. For those of us who no longer have children living with them, this may be an attractive option which could reduce house related chores leading to more carefree living.

Another option is to become semi-retired. That is, retire from your present employment but take on some part-time work doing something you always wanted to do for supplementary income.

The road to early retirement may be shorter than you think. You just need to take stock of your present financial situation, think creatively, and get some advice from an expert.

Learn more about this author, Sheryl Swan.
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