Planning ahead is important, especially when it comes to one’s future. It can be sad to work throughout your youthful age with nothing to show for it when it’s time to rest due to old age.
There are stories of retired folks that worked hard all their lives, but made a mistake of not putting things in place (saving) for retirement. It’s either they mismanaged their funds, or completely failed to envisage the future.
To avoid such situations, the best step to take is to plan your retirement properly and early enough. But the question remains, when is the right time to start saving for retirement?
According to Investopedia, Marguerita Cheng, CFP:registered:, CEO of Blue Ocean Global Wealth, stated that although retirement may seem far off when you are young, but it’s vital to start saving/planning for it in your 20s. Cheng further opined that it’s best to think of retirement savings as wealth accumulation.
One thing about retirement is that it gets more difficult with time if you do not plan for it early enough. Even though you do not earn much yet, it’s important to always have retirement at the back of your mind. Capitalize on the fact that you are young, and make the most of it.
Here are some key points to note:
- Waiting to start saving a lot may be disastrous, so, start saving little early.
- Consult with an investment/ financial advisor if you don’t know how to start.
- Know your goals, and set realistic ones.
- Start early!
Failing to plan, is planning to fail, and that is something you do not want at after your retirement. Take your future seriously, and start saving for it!
