Wish To Retire? Save A Lot, Early
Save A Lot Of Money, Early
There should be no doubt in your mind that if you wish to retire someday you will need to save a lot of money. But why? Well unless you elect to work part-time you will no longer be receiving a pay check and yet your expenses will still be there. In fact your expenses may even increase.
You also cannot escape the fact that you may need more money in retirement due to expenses that creep up on you. Your healthcare will cost more since you will be older. The cost of taxes, housing and food will most likely increase not decrease as time goes on. And then there are the hobbies that you put off until you retired…those will cost money too.
Never Too Early
The best time to start saving for retirement may not be when you are a baby but pretty close. If you have children teach them about money and how important it is for their future.
Money will not make them happy, this is true. However it will provide them a secure future. If you made the mistake of not saving a lot of money early on, help your children avoid that financial mistake.