1. Decrease your housing expenses.
Moving to a more affordable city can save you thousands per year, and with so many working from home, it’s more attainable. Here is a list of the 20 cheapest cities to live in, in Canada.

2. Work part-time.
Retirement does not have to mean you stop working. Choosing to work 2-3 days per week during retirement can provide a steady stream of income to ease your financial obligations and allow you to retire sooner. Finding work you enjoy and are passionate about can be financially and emotionally rewarding.

3. Lower your retirement budget.
If your plan provides $6,000 per month during retirement, budget to spend less, allowing you to retire sooner.

4. RRSP withdrawal.
The hidden costs and taxes to withdrawing your RRSP money can cost Canadians tens of thousands of dollars. Speaking to a financial professional or coach and creating a RRSP withdrawal plan can help you retire years sooner. Here are ten strategies to pay less tax in retirement.

5. Join the FIRE movement.
FIRE stands for Financial – Independence, Retire Early. It’s a lifestyle movement with a goal of early retirement through extreme savings and investments, allowing money to grow faster. By dedicating 70% of income to savings, people can quit their jobs and survive off small withdrawals from their portfolios. Learn more about the FIRE movement here.