8 Barriers to Financial Independence Before 60 and How to Overcome Them

1. You started investing too late

When it comes to retirement savings, the sooner you start investing, the better.

2. You’re too conservative with investments

Sitting in cash or cautious investments is unlikely to help you cross the finish line sooner.

3. Your salary is too low

Your wage is a crucial factor in determining how much money you have to cover bills such as housing and utilities, as well as saving for retirement.

4. Living costs are too high

Consider inflation while making your monthly budget and limiting enjoyable spending or extra costs until rates drop or you find other ways to lessen your cost of living.

5. You spent too much money on big-ticket items

You may have wanted a huge house and a new car and acquired them when you could. Your dream second home may have closed.

6. You never talked with a financial advisor

Financial advisors can help with retirement planning. To prepare for early retirement, an advisor may suggest additional savings or investments that maximize returns.

7. Raising kids is expensive

Having children can be a joyful and gratifying experience, but it can also be expensive.

8. You can’t start Medicare until 65

Healthcare is expensive and requires savings. You'll need to pay for health and nursing home care as you age.