It's Not Too Late to Plan for Retirement
If you think it’s too late to plan for retirement, the good news is it’s never too late. Plan for retirement at 20, 30, or 60. The important thing is to plan! You can make changes in your money management style and habits that will make a difference in your quality of life in retirement, no matter your age. You can turn things around! Rather than beat yourself up for not planning, sit down and set a goal and a time frame for that goal. Start with one less indulgence per day. Make your coffee at home rather that buying it at the coffee shop.
Plan for retirement now. Studies show that the average 45-64 year old has not saved enough for retirement. Decide to pay yourself first by setting up automatic withdrawals from your account. You won’t even notice if it’s taken out without you having to actually make the effort to do it. If you leave it to chance, planning to move the money yourself, it’s probably not going to happen.
It may or may not be the best strategy to plan for retirement by buying a home and paying it off, but if you rent for 50 years, does that mean you will have the discipline to save the same amount of money that your home will be worth at the end of those 50 years? You need to live someplace, wouldn’t it be financially freeing to live in a house that’s paid for? Imagine not having to pay a mortgage or rent payment every month. Imagine having the ability to make decisions about where your monthly paycheck goes instead of having it spent before you get it.
With a detailed written financial strategy to pay yourself first you can plan on spending your retirement in comfort.
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