“I can always do that later.”
We have all said something similar at one time or another. Whether it be about learning a new language, getting into better shape, or planning a vacation to a far away destination, when we are young, it always seems like we have enough time to do the things we want to do in life. As we get older, however, the reality kicks in and are faced with the fact that much of our years are gone and we only have so much time to do all that we want. One of the things that should NOT be put off until tomorrow is retirement planning.
Starting your retirement plan as early as possible is likely one of the smartest financial moves you could ever make. Not only will doing so help you to achieve the goals you want in life, it will also help ensure that you won’t be faced with the need to work for your entire life.
Here are 4 reasons why planning early for retirement can help you reach an easy, relaxing paradise in your older age:
- You can put away just a little each month-Starting to save for retirement early can mean huge savings over times. You can put away less and hit your goals than if you start later in life. For instance, a 20-year-old who begins saving just $500 per month and earns 5% interest (much less than the national average of 12% mind you) will accumulate over 1 million dollars in savings by age 65. A 45-year-old who saves the same $500 with the same 5% interest will accumulate just a little over 200 thousand.
- You won’t have to sacrifice in other areas of your life-One who waits too long to save for retirement may have to sacrifice in some areas of their life as they try to budget for adequate savings to reach their goals. This could mean foregoing the purchase of a new car, a new house, or simply taking a much-needed vacation. If your savings begin early, you can accumulate enough wealth to allow you to spend some of your earnings on these luxuries while your retirement savings continue to grow, untouched.
- You will reduce the burden (if any) left on your children-One reality that burdens those who wait to long to begin saving is that they end up leaving their children to deal with financial issues later in life. This could include medical expenses or simply trying to pay for their parents living expenses if their retirement savings are inadequate. This is often the biggest regret of those who failed to plan early.
- You can plan a retirement lifestyle that resembles a resort vacation-By far the best reason for early retirement planning is CONTROL. Control over how you spend your retirement days. No one wants to reach retirement age only to have to struggle monthly to pay bills. Instead, planning early will allow you to have control over how you live your life and if your savings are truly great, you can enjoy a luxurious lifestyle for the rest of your life. This could mean regular vacations, new cars, or a beachfront property with enough money to allow you to enjoy your days relaxing near the ocean, sipping a cocktail and enjoying the satisfaction of knowing your working days are long behind you.
If you want to achieve true retirement freedom with the ability to afford all the luxuries life has to offer, then there is not better time to start planning than RIGHT NOW. Speaking with a retirement planner that has experience in helping folks just like you achieve such freedom can help get you started on the right path. They can help you create a retirement plan and budget that fits your needs and ensure that you reach your goals. Don’t assume you can always do it later…simply take the steps to make it happen NOW and you can increase the chances that your retirement will be a stress-free luxurious paradise!