When should you start saving for retirement?
Right this very minute! Really, the sooner the better! Once you start working and earning an income you need to start thinking about what you want to do for a retirement plan and what your financial goals are in general.
There are a number of reasons why getting on this as soon as possible is important. Any one of the ones list here should be cause enough to convince you to start making a plan, but knowing a good range can help you when making a plan for your future.
The sooner you put that money aside the more time it will have to earn you interest. When you invest in something like a 401k or IRA your savings is invested in a variety of ways that you’ve chosen (stocks, money market accounts, bonds, etc.) and they earn you interested year after year. So the hundred dollars you invest when you’re twenty becomes a lot more over the forty years it takes you to reach retirement age.
The sooner you make saving the routine the easier it will be to make a habit of it. There is always going to be a reason not to put any aside. Whether its student loans, a mortgage, a car… the list goes on. The fact is that retirement is still going to be looming out there in the distance, and you need to save.
Effects of delaying saving for retirement
Most people just don’t thing they get all and that they need to have a secure fund to spend their grand years in peace. Don’t be one of the many people who will be scrambling to catch up in their fifties, and working well into their seventies, because you didn’t plan ahead. Do you want to travel or have expensive golf memberships in retirement? Those cost money.
No one else is going to take care of you; social security isn’t going to cut it. You have to save to make your dreams come true because you’re the only one who is going to do it for you. What do you want to do with this time in your life? Because chances are, it takes money.
We’re living longer! You don’t want to be ninety five years old, and broke. You’re going to need a good amount of money to get you from your sixties to a hundred, so start saving now.
Licensed Moneylender in Bugis – Singa Credit Pte Ltd
Established in 1992 and previously known as Yong Seng Credit,
Singa Credit Pte Ltd is Licensed Moneylender in Bugis regularly updated with the latest regulations to be in line with the requirements set out by Registry of Moneylenders.
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