Planning for Retirement in your younger years


retirement planningThis is one of the hardest decisions ya’ll will ever have to make. It carries a stigma with it that’s hard to shake; “too old and now a non-contributor to society.” By the time you’re even near the age to retire, you’ve heard every story in the book as to how good or bad it is. The problem being, no one can tell you how it will be for you.

The working period of your life is the time you really need to think about retirement as there are many steps one needs to put in place to eventually be ready for that day. Even when taking the recommended steps, there are still no guarantees that everything will go as planned. There are factors you can’t control such as inflation, sickness/health issues, death, natural disasters, college for kids etc.

Most financial planners try to look at data trends to help you make the best overall decisions. It’s a black/white decision and commitment on the retirees’ part, while the outcome appears more abstract than concrete, being based more so on trends/inflation and a little luck.  The few cases of financial corruption by various individuals where people lost their retirement funds, doesn’t exactly leave one with a whole lot of confidence in the big picture.

I guess your odds are much greater and in your favor when you plan these things out, rather than just sitting/talking about it and doing nothing. The current economical state of the country, with many experiencing financial hardships, makes it really hard to focus on making retirement plans, but they say these are the best times to save/invest.  Basing all your hope in social security probably isn’t as sound a decision as it was in the past, especially with the government spending it’s way into oblivion. Who does one believe? In my opinion, it’s a gamble but isn’t everything in life?

My husband is near that doorstep of retiring and even after a lifetime of working hard and planning, he’s still unnerved by the concept. When talking to those around you who have retired, they ALL state they wish they had done it sooner and wouldn’t ever go back. These are generally people who have planned, so I guess its worth the sacrifices/commitments made in your younger years.

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