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it. And it means the longer you wait, the more you will have to put aside. It also means it’s never too late to get started. Thank goodness!
While planning for retirement should begin as early as possible in your life, the most important thing is to actually put together a plan no matter what your age. Keep in mind that you might be retired for 20, 30, or more years.
Getting started is probably the hardest part of a retirement plan. It's so easy to think your retirement is decades away so why not wait just a little longer to start planning for it. But waiting could mean the differ- ence between a comfortable retirement and one where you are barely getting by. When you are between the ages of 20 and 40, you'll prob- ably be buying a house, a car, furniture, and thinking about how you’re going to pay for college for the kids. It’s easy to think that you can't afford to save for your retirement. But even a small amount invested wisely will be very beneficial when you reach 65.
In Your 20s and 30s
You’re just starting your adult life, completing your education, landing that first job, maybe getting married and even starting a family. You may have student loans or possibly credit card or other college-related debt. You’re also probably providing your own roof over your head, driving a reliable car, purchasing a professional wardrobe, and wanting to have at least a little money left over for a social life. At this young and exciting time of your life, it’s easy to consider retirement as something that will never come. But indeed it will, and sooner than you realize.
What you may be lacking right now in income level or earning power pales in comparison to your greatest asset—time. The financial deci- sions you make now will significantly impact your future and your ability to retire in a manner that’s unrestricted, rewarding, and fulfill- ing. Indeed, each dollar you save in your 20s can be worth many more
Financial Planning for Retirement