Nov
03
2008
When Should I Start Retirement Planning?
peter
It is never too early to start retirement planning. The earlier you start to plan for your retirement the better off you will be. When time is on your side, your superannuation or any other investment you make has time to grow, interest has time to compound and real estate has time to appreciate in value. You have time to weather a few downturns in the economy or the share market when you start retirement planning early.
The biggest problem is that the younger you are the less you think about retirement planning. It seems to be a million light years away. You just want to get out there and have fun - and that means spending money, not saving it. And as you get older there are other major purchases such as a car and home that need your attention first. But even then, if you can put aside a small amount every so often to go towards your retirement you will be better off in the long run.
The best time to plan for your retirement is when you start your first job. Even children at school who have part-time jobs should be encouraged to think of retirement planning. If they saved just $500 to invest in a retirement plan and didn’t touch it for the rest of their lives, they would be astonished when they got older by how much it had grown. Children and young people who have no debt, could save a great deal more than they realise. Their trouble is that mostly they want to spend, not save.
You might have found it impossible to save for retirement planning while paying off your mortgage and educating the kids, but now all that is over and paid off, you are looking forward to having money to spend for yourself. You could go for a holiday or do up the house. You might think it’s too late to do any retirement planning now, but this is not so. Even a few years spent in saving towards your retirement will make a big difference to your comfort when you stop working.
So while the best option for retirement planning is to start young, your next best option is now, today, before it gets any later. Knowing that your retirement planning is well under way will give you peace of mind and a feeling of independence.
There is more to retirement planning that meets the eye and you should seek qualified help when considering the retirement planning solution that’s right for you.
November 3rd, 2008 at 9:51 pm
It’s never too early to start for retirement planning — especially considering the state of the economy. These days, many boomers are delaying their retirement which may or may not be due to a lack of planning. Either way, these are great tips that everybody should read!
Also, keep in mind that there’s one company who will be along for the ride as you plan your retirement. They’ll help you to navigate the ins and outs of this complexity we call retirement.
AARP is a great source of services and information that can be beneficial to the quality of life. What’s great about AARP is that a membership comes with prescription and travel discounts!
AARP has teamed up with talk show host, Cristina Saralegui and made a fun, customizable video and you’re just a click away from being the next guest on Amigos Live! Check out http://www.upclosewithcristina.com/video to learn more and make your own video!
Also, you can enter to win an all inclusive trip for 2 to Miami while you’re checking out the site! (And even if you don’t win, there’s still those great travel discounts that come with the membership!)
Definitely check out AARP for yourself or a loved one. There are really are some great benefits to joining!
I hope it’s alright that I commented on your blog — wanted to let you know about the fun video with Cristina and AARP’s great benefits. If you have any further questions, please don’t hesitate to email me.
Thanks!
Isabella Coldivar
AARP Ambassador
isabellaAARP@gmail.com
November 4th, 2008 at 7:55 pm
Start immediatedly. Stash it away and forget about it. Understand that times like this are just another day in the history of this fabulous country. Ignore the hype, use prudent investments, stop specualting and gambling and track record investing methods. You too will retire happy.