Steve Adcock and his wife both retired in their early thirties despite coming from modest backgrounds with no inheritance. He reveals how he retired young with a million dollars in the bank.

Retiring early doesn’t have to be a pipe dream, some people manage to get up before their 40th birthday.

A former IT consultant shared how he handled it and says it’s possible with hard work and sound financial planning.

“I will remember December 23, 2016 for the rest of my life. It was my last day of full-time work,” he told CNBC.

“My wife and I took early retirement at 33 and 35, respectively, after racking up $870,000 working in information technology.”

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The financial expert shares 13 tips for others looking to retire early:

  • Don’t follow your passion if it won’t make you money
  • Learn from millionaires – follow what they do and invest well
  • Ditch the losers and hang out with the high performers – people tend to act like the people they associate with
  • Harness the nine-to-five by making the most of employer benefits and pension contributions
  • Don’t stay in a job too long – pay rises often come with new jobs
  • Automate everything from paying bills to investing
  • Ignore detractors who might not understand spending less on parties
  • Don’t try to keep up with the Joneses – cars depreciate and don’t make you rich
  • Discuss financial goals with a partner
  • Priority to health because money is not everything
  • Do not incur credit card debt
  • Say yes to a promotion and learn how to do it later
  • Ditch the bar and invest the money instead.

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The new full state pension is £9,627, just shy of the £10,200 a year the Pension and Lifetime Savings Association (PLSA) say is needed to achieve a ‘minimum standard of living’ in retirement .

According to PLSA calculations, to enjoy any luxuries in retirement, people will need to have at least twice as many.

According to the Office for National Statistics, the average salary for full-time workers in the UK is £38,131.

The good news is that it’s possible to save a million for retirement on an average salary if people start early enough.

Pension expert Tamsin Calne told Express.co.uk: ‘If you are able to save 10% on a pension (5% personal contributions and 5% employer contributions, that’s £317.76 a month ) and your investments grow by five per year, in 10 years you would have £49,548. In 20 years you would have £131,154.

In 40 years of saving like this someone would have £758,422.

Tamsin added: “If we assume that income increases with 3% inflation (I know it’s much higher at the moment) that amount becomes £167,837.

“By increasing the contributions to 15% (10% individual and 5% employer) you would have £1,137,639.”