6 Things You Must Do in Your 20s and 30s To Retire by 66

Many of us are planning to retire before the full retirement age — 66 if you were born between 1943 and 1954, and 67 for those born 1960 or later — but this may not be feasible, particularly not if you can’t afford to pay for health coverage out of your own pocket until you become eligible for Medicare.

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If you’re in your 20s or 30s and intend to retire by 66 — a year or so before the full retirement age — you need to be prepared. Achieving a comfortable retirement requires careful strategy and planning.

GOBankingRates spoke with financial experts to find out six things you must do in your 20s and/or 30s in order to comfortably retire by the age of 66 .

Money mistakes the super wealthy never make - that you might be doing now.

Set Clear Financial Goals

Sure, you know you want to retire by 66 years old, but what other financial goals do you have? You need to be clear on all of them so that you can plan accordingly.

“Are you looking to retire early, buy a home or achieve financial independence?” said Kelly Ann Winget, founder and CEO of Alternative Wealth Partners . “Defining your goals helps you tailor your investment strategy to meet those specific needs.

“For example, if you want to buy a home in five years, your investment strategy will be different than if you’re saving for retirement in 40 years,” Winget said. “Short-term goals require more liquid and stable investments, while long-term goals allow for more aggressive growth strategies. Clear goals not only guide your investment choices but also keep you motivated and focused.”

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Create a Strict but Realistic Budget (Consider Apps To Help)

Everyone, no matter their retirement savings goals, needs to set and stick to a budget if they want to be financially healthy. But it’s an especially important move for people in their 20s and 30s who want to retire by the age of 66.

“That’s because it will help you save as much money as possible over the course of your entire working life,” Todd Stearn, founder at The Money Manual , told GOBankingRates. “With a good budget, you’ll know exactly what you can and can’t afford at all times. You’ll be able to easily see all the areas of your finances where you could cut spending.”

A little technical assistance here can help.

“Budgeting apps like Rocket Money, YNAB and Simplifi can make it easy to set up a budget, track your spending and set and monitor your progress toward your financial goals, including retirement at 66,” Stearn said.

Embrace Long-Term Investment Strategies

One of the most important things you can do in your 20s and 30s to set yourself up for retirement by 66 is to embrace long-term investment strategies.

“These strategies, such as dollar-cost averaging into index funds or consistently contributing to retirement accounts like a 401(k) or IRA, are proven methods for building wealth over time,” said Edward Corona, trader and publisher at The Options Oracle Newsletter . “The magic lies in the power of compound interest, which allows your investments to grow exponentially as you continually reinvest your earnings.”

Set Up Automatic Contributions to Retirement Plans

You should make it your goal to max out retirement plan contributions. To make it easy and mindless, set up automated contributions to your retirement accounts.

“This ‘set it and forget it’ approach ensures that you’re consistently building your nest egg without having to make decisions every month,” Corona said. “The earlier you start, the more powerful the compounding effect, but this also requires patience and the ability to look beyond short-term market fluctuations.”

Say Goodbye to High-Interest Debt

“Credit card debt can be very harmful if you want to grow your wealth,” said Shawn Carpenter, chairman and CEO of Stock Alarm . “Try to pay off debts with high interest first. You’ll save a ton on interest, which means more money for your retirement fund.”

Have Discipline and Keep in Mind the Long-Term Payoff

Sticking to these strategies that will enable you to comfortably retire at 66 requires discipline and keeping in mind the big-picture goal.

“For those in their 20s, this discipline might be even harder to maintain as life presents new opportunities and challenges,” Corona said. “However, the payoff down the road is immense. By the time you reach your 40s and 50s, you’ll likely see the fruits of your early efforts, and retiring by 66 will be well within reach.”

This article originally appeared on GOBankingRates.com : 6 Things You Must Do in Your 20s and 30s To Retire by 66