Planning For Retirement Tips

Retirement Planning – Is it too early? What is it?

Too many of us think saving for our retirement can wait until we earn more and can therefore save more later. We may also be too caught up with our current spending patterns or with our plans to upgrade to a nicer home. But by the time we are in our 40s and 50s, we may not be any better off if we are providing for both our parents and children.

There is never a “good” time to start planning for our retirement. But there are advantages to starting early. If you start early, you will have a longer time horizon and that means more time to grow your savings. If you have made investments, a long term horizon will also help to ride out short-term price fluctuations on your investments.

But, if you start late, you will have to work harder at growing your retirement savings. If you cannot afford to lose money, you should avoid investments that come with higher risks. You may even need to think of delaying retirement provided you remain employable.

Starting to save for retirement sounds like a daunting prospect. While there is no hard and fast rule as to when you should start planning, there are advantages to starting the ball rolling early.

For one, starting early means that you will have more time to grow your savings. If you have made investments, staying invested for the long term will enable you to ride out short-term price fluctuations on your investments.

So now you know that it’s better to start sooner rather than later. But how do you get started?

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