Retirement Planning when You Should Start

Many people dont even bother to think about retirement planning before they've stepped into their 50s

. For a majority, thinking of retirement is a little too early when they have just started working. An advice to save as soon as you start earning may sound pretty off-putting but nobody can disagree with the wisdom it contains. Saving is certainly not an easy habit to adopt when you are young, energetic and not thwarted by the thoughts of old age. Living a carefree life and assuming that the life will go on like this is closing your eyes to a reality, which may possibly will turn out to be bitter if you don't accept it, as soon as possible. As it happens, saving in good days for the rainy ones is without a doubt, a very sensible thing to do. And yes, do not rely on your pension or social security for that matter; it may get more and more difficult to make both ends meet by just social security, given the rapid increase in rate of inflation, these days.

Planning way ahead of your retirement gives you more control over your future and saves you from some unpleasant surprises, sometimes you may need these savings even before your retire, in short the planning and the habit of saving is going to help you, sooner or later. Retirement plan doesnt just mean desperate savings; it is more like a complete strategy that includes your preferred time of retirement, amount that you should be saving and the ventures where youll invest these savings. Since all of your retirement plan will be based on your desired lifestyle after the retirement, you should be absolutely clear about the standard of living you want to take up once you retire, especially if during the course of your life, you have grown to be accustomed to a luxurious one.

A retirement plan, with some calculations would give you an idea on how much do you need to save and for how long? It also helps you in deciding the time of your retirement so that you'll not be working for too long (or retiring too early). Besides, starting early with your retirement plan and saving means, you can have a much more diverse portfolio. You can go for long term investments like stocks or real estate, which are risky but more profitable, or you can choose any other long term investment, which may take time to mature.

by: William

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