10/07/2024
✈✈ Are you around twenty years of age? If you are, retirement might be the last thing on your mind right now. Retirement should be at the forefront of your future plan. Why? Because the amount of money that you can save throughout your lifetime can significantly impact your future, the amount of money you have, and how you live until you expire. If you want to live a good life in retirement, you need to start saving early.
✈✈ You might ask, why talk about retirement at 20? My dear, you need to realize that your present salary will be slashed into three as soon as you retire. How do you plan to compensate for the 65% income gap created by the slash? I encourage you to start saving early because the more assets you have in retirement, the better. The earlier you start saving, the more interest you accumulate over time. If you don't have a job yet, start a business and work on it with all your energy and resources. As soon as it starts yielding profit, 10 to 15 per cent of that profit goes to your retirement funds or IRA. I can't stop talking about this because pensioners I speak to as a Banker always have the same regret of "Not Saving Enough" for retirement. Life's too sweet to live it in regret; start now.
✈✈ One mistake many people make around the age of twenty is assuming they have more time to save for retirement. Yes, you do at 20 but remember, there are no guarantees that you will save enough money between your 20s and 60s. You have a job now, but will you still do 5 or 10 years from now? Too many what-ifs could result in you not saving enough money for retirement. Life can happen, too. That is why you are urged to start saving for retirement now when you can.
✈✈ Okay, you're aware you should start saving for retirement now, even if you are only 21 or 28. You may, however, be wondering what steps you should take. First, you need to meet with human resources in your workplace. These individuals know about retirement plans operated by or through your company and in your country. One of those is the 401(k) program for those in the US and the pension scheme for some other countries. Your company may also have a pension program that you can participate in. You might also decide to start an online business to supplement your income to enable you to save more. As I said in my previous post, no savings is too much for retirement.
✈✈ See me at www.naomimba.com. Let's help you start your own business right away.
