You could be quickly or slowly approaching the age of 62. Have you begun figuring out the plan of your future stability? So often, we take advantage of the now, and never take time to think of our living circumstances in the future. Things like proper budgeting, long term family planning, potential health care needs or concerns that my spring up. The time is now to begin retirement planning.
Are you someone who really hasn’t harnessed the idea of creating a healthy budget. Are you finding you have sporadic like spending habits? Now is the time to begin teaching yourself the proper discipline of budgeting. The best thing you can do for yourself right now, is to get started in some form of early planning. Your future self will greatly appreciate you taking the initiative to do this. With all of the things going on right now in the world, it is extremely wise to now get some form of a plan in progress.
If you have an employer that offers retirement options you should definitely begin investing in a profit sharing plan, or IRA, starting now is the best thing you could do for yourself and your family. Many are living paycheck to paycheck these days, this has become a scary “norm”. However, the lack of sacrificing a small percentage of your paycheck today, to build for tomorrow could be very reckless. What is worse is there are those that will scramble those few years before they hit retirement age in a tangent to try and over invest in their retirement plans, and 1. Miss the opportunity of compounding their money stress-free over the period of their career, and 2. Waiting too close to time of retirement could actually impact you negatively, because there is a cap on how much you can contribute which means you miss making additional dividends.
Also, another concern that many of the Baby Boomer generation has begun to fear, is the fact that it has been stated that Social Security benefits at some point in the future may be depleted. So, this is a huge loss for those who have not properly began the very important planning at an early stage of their careers. Time should not be wasted in moving forward.
Many of us have older parents that are everyday dealing with ailments that incur a ton of medical costs. If it’s hard enough to deal with now, can you imagine what it will be like at a point of retirement. If you are the financially responsible party in your home, you really want to make sure you are sacrificing today to build for your future. Unforeseen, issues happen every day, and we must not overlook that fact. Be wise with your finances and begin the sacrifice now to prepare for your future. You have too many important reasons not to do so!