Retirement is the point in the future where a person stops employment. It is definitely not the time to be worrying whether you have you saved enough.
You may feel retirement is light-years away, or cannot begin soon enough, but either way, the chances are that it will catch you unprepared.
Saving for retirement is something that most people don't think about if they are not near retirement age.
We all know saving for retirement is a good idea
The problem is most of us spend more time planning our annual holiday than we do planning the financial aspects of our retirement. The fact is saving for a a comfortable retirement is going to take a lot of money.
The key to having a financially secure retirement is to plan for it starting now.
Reality Bites
An early retirement is usually high on everyone's "wish list". However, retirement is more challenging for boomers now than it was for our parents and grandparents.
The option of an having an early retirement often gets put on the back burner as reality kicks in. For those approaching age 50, and the generations to follow, the idea of retirement is a challenge, an opportunity, and certainly a wake up call.
If you're like most people, the most important question you may have as you approach retirement is:-
"Do I have enough money to see out my retirement years"
Knowing how much money you'll receive in retirement is only half the financial puzzle; the other half is knowing your living expenses.
Here are a few simple things to remember about retirement that may take the confusion out of it for you.
* retirement is a date in time
* retirement is the ultimate vacation
* retirement planning is preparing for that time
* collecting Social Security in retirement is not a certainty
* retirement doesn't need to be associated with adverse changes in health
* the best time to start retirement planning is today
Planning For A Secure Retirement Is Up To You
It is never too late to save for your retirement, and by choosing to save today, it can be done, even if your retirement is not far away. Retirement planning is something to take very seriously, especially in Australia where we have a negative rate of savings.
Consistent with trends in wealth at retirement, income at retirement is projected to be higher for future retirees than for current retirees.
The rising residual debt at retirement from left over mortgages, credit cards, car loans and storecards will know doubt contribute to this.
The Way I See It You Have 2 Options
1. Being forced into selling your home and other assets to pay off your debts, plan for retirement, improve your living space. This may also include taking out a home equity loan.
2. It is the beginning of a new stage of life and is a fantastic adventure because you have taken the time to plan for your retirement.
Enjoying Your Retirement is in Your Hands. Don't put off saving for retirement one more day.
You'll be glad you did start saving for retirement today.
About the Author
Simon Smith has been working in the financial services industry for 20 years.
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