Retirement is an important variable that represents the phase of your life, after your career. During this period, you should have on average, have already worked anywhere between 30 to 50 years, and should have saved enough money to sustain you for the future.
Back in the day, individuals started saving money from a young age and even though it seems silly to start saving for your retirement as soon as you start working, which is usually in your early 20’s, in the most cases, it is very important.
When you start to save for retirement in your 20’s, you allow yourself the opportunity to build a fund that could sustain you in the future, when you are too old to work. It may seem like something you shouldn’t be thinking about as early on, but it could allow you to grow a fund that might even allow for a more improved quality of life. Given that the average age of an individual’s life is 70 years old, it has been proven in recent years, hence the improvement of technology, that we can now live for much longer and remain healthy, with some people even living till a 100 these days.
Needless to say; You’ll have to prepare for a lot of years past the age of 65, which is the general age of retirement for most people.
Set yourself retirement goals
Start early and set up a personalized retirement plan early on, which will allow you to make the best decisions regarding money, with time.
You must establish exactly when you would like to retire, what you’ll be looking forward to or aspire when you reach retirement, what lifestyle you’d like to have when you retire, as well as how many years you think you’ll have to be able to sustain yourself during retirement.
You’ll also have to establish your monthly income during retirement that will suit your lifestyle of choice, which income sources you’ll have available for emergencies or simply just your daily living expenses and residency, as well as how many years you must save to achieve those goals.
Starting earlier and saving a little more wherever you can, is always recommended.