Whether you plan on working for the rest of your life or not, saving for retirement is very important because it will help you get to the point where you’re working for the joy of it, not just out of necessity. Then you will be free to choose the type of work you would like to do most, where you feel you can make the best contribution. You will also be free to choose how hard you would like to work. Another reason to have plenty set aside for retirement as early as possible is that your career could be cut short unexpectedly due to health problems or layoffs.
If you’re serious about retiring someday, you should start thinking about what you need to do now to make it happen. Retirement is a privilege, not a right. You can’t expect the government or your employer to provide for you forever. It’s not their responsibility, and they are ill-equipped to do so anyway! You must determine how much to save on a regular basis, and the best ways to invest your savings.
If you have already retired or plan to retire soon, how can you be sure you’ll have enough income for the rest of your life? You have even more critical investing decisions to make because chances are, you can’t afford the risk of a big loss, yet you still need your money to grow.
Most people have no idea how much money they will need to enjoy the kind of retirement they have always envisioned. The constantly rising cost of everything around us can make it very difficult to do all the things we hoped to be able to do during our golden years. Many people live longer than they expected and earn less from their investments than they projected. The dream of a long, happy retirement becomes a nightmare for those who outlive their money.
While it’s never too late to start, the sooner you know what it will take to create the kind of retirement you want, the easier it is to make it a reality. Figuring out the right amount to save on a regular basis for retirement and how to invest it can be a daunting task. As a general rule, most people don’t save enough, and they tend to take too much risk with their investments in hopes of quick gains. Visiting with a qualified financial coach to obtain clear direction on these matters is of paramount importance.