In your 20’s and 30’s retirement is a distant possibility that doesn’t require immediate attention. But before you realize, time will fly and then it will be too late to save enough for a comfortable and decent life at the end of your sojourn on this earth.
Why do people find it difficult to save for retirement?
People come up with lots of excuses for not saving for retirement. Some claim that since they have just started their careers and have small incomes their priorities are more immediate and different. While other’s state that there are so many bills to attend to, mortgages, college education etc. Then there are those who are the stay-home member of the family with no active income; how can they save. Thus, people always find excuses for not saving for retirement because they see it too far in the distant and do not realize that time is of the essence here.
How can you prepare for retirement?
First and foremost, don’t wait for someday in the future; start right now. In fact, the most effective way to save for the future is to put in writing. According to the Schwab report, almost 60% of the people who write down their goals stick to it when compared to those who just build castles in the empty air.
It is believed that when you write down your financial goals you will be less likely to be intimidated by them and will have more clarity on the plan of action. Seeing your goals on paper helps you follow your plans.
So, to begin with:
- Write down your retirement goal
- Target to save at least 15%each year
- Have a 401(K) plan or set up a retirement account with a brokerage where the money can be directly deposited from your account to prevent you using up your entire salary
- Do not procrastinate as this will cause billions of dollars in lost retirement funds.
Is there anything else that you can do?
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