Planning for early retirement can be hard, but investing in ASX shares can help get you there faster. Despite what you might think, the recent share market correction could be a great opportunity to push your financial goals forward.
Even if you're at the brink of retirement and hurting from the last fortnight of losses, now is not the time to panic. I simply like to think of the market correction as a sale on some of my favourite investments.
But which ASX shares are the best ones to help accelerate you towards early retirement?
Here are some of my personal favourites that I'll be watching in the next few weeks.
Harvey Norman Holdings Ltd (ASX: HVN)
The Harvey Norman Holdings Ltd (ASX: HVN) share price has been under pressure in the last couple of weeks. That's unsurprising given the disappointing half-year result from the Aussie retailer at the end of February.
Harvey Norman reported a 1.9% increase in total sales to $4.07 billion with Australian comparable store sales flat on the prior corresponding period. Profit before tax fell 4.6% to $301.15 million while net profit slumped 4.1% to $213.59 million.
Investors weren't pleased, while concerns over the impact of the coronavirus outbreak on its sales have also hurt the HVN share price.
However, that means Harvey Norman could be a good ASX dividend share to buy at the moment with a strong 9.3% dividend yield for early retirement.
Westpac Banking Corp (ASX: WBC)
The Westpac Banking Corp (ASX: WBC) share price has been hammered to a new 52-week low of $21.44 per share. It's certainly not the only ASX banking share to be in trouble, but it could help accelerate your early retirement.
Investors have sold down the Aussie bank's shares in the last fortnight in response to the RBA interest rate cut. Banks traditionally struggle to make money in a low interest rate environment and profits could get squeezed even more.
With Westpac shares slumping, now could be a good buying opportunity for an ASX dividend share with an 8.11% yield.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue Metals Group Limited (ASX: FMG) share price has been hammered as investors fear a slowdown from Chinese demand for our core exports. Fortescue shares are now trading at $9.60 per share and an astonishing 3.91 price-to-earnings (P/E) ratio.
With a dividend yield of 10.42%, I think Fortescue is one of those ASX dividend shares that can accelerate you towards early retirement this year.
How these 3 ASX shares can accelerate your early retirement
All three of these ASX dividend shares have been hammered lower and have a strong dividend yield. Buying up when these shares look cheap could be the secret to achieving capital gains and income. As a bonus, these 3 shares have an average dividend yield of 9.3% to help accelerate towards early retirement.
As always, there are risks involved with buying in a falling market. However, I'll be watching these shares closely and will consider buying this week.
