What is a sensible age to begin planning your retirement? That depends on several factors. When you retire, it’s not going to be like it might have been for you parents. Guaranteed lifelong healthcare, locked-in pension payments and proverbial gold watches may certainly not apply. Instead of relying on provisions that are granted from past employers, you’re going to have to plan and develop your own retirements funds and benefits. At least this is the case for most; those who are not politicians or well-paid CEO’s
What is the best age to start planning retirement?
The answer is painfully simple in this current economic climate: right now. The basic fact is that the earlier you start, the better financial shape you’re going to be in. If you’re currently 40 and wish to retire at age 62, then you have 22 years to accumulate assets including:
- Savings
- IRA
- Stocks & Bonds
- Life Insurance
- Annuities and more…
For a surprising number of people, they find themselves beginning to think about retirement too late. Then they feel that they are doomed to an impoverished life after reaching the point where full-time employment will not be physically possible any longer. And that time is coming for all of us who live to be “elderly”. So, the time to act is right now!
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