You work hard now so that someday, you won’t have to. While you enjoy what you do, the siren song of early retirement is calling. Who could blame you? There’s a whole lot of the world to explore, friends and family to spend time with, and a growing stack of good books waiting to be read. Retiring early sounds like the ultimate financial accomplishment.

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However, wanting to retire early must align with having a plan to do so comfortably. Early retirement doesn’t always mean financial security: According to the Federal Reserve’s 2024 report on household well-being, just 35% of Americans felt on track for retirement — down from 40% in 2021. Even among those approaching retirement, only 42% of people aged 45 to 59 and just half of those 60 and older felt they were financially prepared.

To ensure your early retirement isn’t consumed with fear and regret, consulting a financial advisor is a wise move. These professionals have helped clients just like you achieve a financially stable early retirement. They know what works, and they want you to do the same things.

1. Define a Retirement Goal and Save Toward It

For Nicole Carlon, CFP, CDFA, a certified financial planner at WiseOak Wealth, LLC, early retirement planning starts with two key steps: Understanding her clients’ current financial situation and defining their long-term retirement goals.

People who successfully retire early have a clear vision of their ideal retirement age and lifestyle. They do the math to estimate the total costs associated with these goals — while also factoring in variables like inflation, healthcare, and long-term financial sustainability. As they clarify these goals, they also develop a strong savings strategy.

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“A structured financial plan should outline the necessary income levels and expense reductions required to sustain early retirement,” Carlon said. “Prioritize a high savings rate while optimizing spending to accelerate wealth accumulation.”

She adds that a tax-efficient investment strategy is integral to any financial plan for early retirement. That tailored investment plan should align with the client’s risk tolerance, desired growth, and overall stability, while also ensuring diversification across asset classes. Diversification is especially important, since it helps clients mitigate risk while potentially enhancing their returns.