The first step, of course, is to figure out how much you are likely to need to retire comfortably at 55. Consider your current expenditure with your financial adviser and decide whether this is likely to continue throughout your life.
Are there any areas where you can reduce unnecessary expenditure, and perhaps divert that freed-up income towards your pension savings? Are you likely to pay off your mortgage before your desired retirement date? How will you deal with contingencies such as the cost of long-term care, should you need it in later life?
Once you have a target annual income, assess your financial situation with your financial adviser. What is your current level of income and can you realistically boost it? Are there any additional income streams which you could open up to supplement this (e.g. rental income from properties or business dividends), and how sustainable would those be throughout your retirement? How much State pension have you built up, and how might this income feature in your retirement plan (remember that in 2020 the State pension age will rise to 66)?
Also, what kind of wealth are you sitting on which could be leveraged to achieve your goal of early retirement? Do you own any businesses or other properties, for instance, which you could potentially sell and then use the proceeds towards your early retirement?
Your pension savings will also be an important area to look at with your financial adviser. If you are currently 25, for instance, and earn a good salary, what kind of monthly contributions could you possibly make to your pension? If you committed, say, at least £300 per month over the next 30 years then what kind of pension pot might you hope to build up? What kind of income might that generate for you in early retirement, and how long might it reasonably last? If you plan on retiring before you can access your pension, what other options are there for saving tax-efficiently? An adviser can help you plan an accumulation strategy that ensures you have the right combination of pensions, ISAs and cash (as well as any properties or business interests you may have) so that your money is accessible when you need it.
These are just some of the questions to consider with a professional financial adviser.
In some cases, you might have to hear some hard words about how realistic your goals are. In others, however, people can be surprised at how much more is possible compared to what they previously thought.
Until you ask, how can you ever really know?