Retirement, Ready Or Not

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retirement
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Ready Or Not Your Retirement Is Coming

You can ignore retirement all you want but someday you will be faced with the task of retiring. Will you be ready or not? You may think you are too young to worry about retirement, you have years before you even get close. Or you may feel as if you’ve passed up the window of opportunity to save enough money to ever retire so you will just work forever. Stop. Two investing rules you should never forget, you are never too young and it’s never to late to save money for retirement.

Hold Yourself Accountable

Consistency is the key to investing. Percentages are easier to work with, especially with 401k plans, so pick a percentage of income that you can consistently save every single year. Make sure you can stick with that amount so that you don’t find yourself making excuses to decrease it sometime in the future. It’s okay to start out with a lower amount and increase it over time if possible but avoid decreasing it. By holding yourself accountable to consistently investing you will have enough money to retire some day.

Be There For You

One common financial mistake many parents make is paying for their children’s college education. Although that’s charming, it’s a mistake. Your children can get loans for their education. You cannot get a loan for your retirement, if you don’t have enough money to retire you will have to work longer (of course, you can always move in with your college educated children)

Catch Up Time

If you are more than half way through your career and have not saved enough money it’s not too late to play catch up. Your 2 biggest expenses, your children and your mortgage are probably less of a drain on your finances at this point. Your children have probably left the nest, your mortgage is paid off or close to it, this should free up some extra money. Instead of living the high life with that extra money, invest it for your retirement.

Retirement is meant to be stress-free. Worrying about money is not stress-free living. If you ignored planning for your retirement and you come up short, it’s okay to delay retiring. If you are young, put some of your everyday luxuries aside and save money, your retirement date will be here before you know. it.

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