Retirement
Hopefully you are employeed by organization that helps you somewhere along the way. Because as we all know, don’t bank on Social security still be around for many more decades.
The biggest problem many people have, when it comes to saving for life after work, is that they think that some angel is watching over them and will magically take care of them when it is time to retire.
WHO/WHEN:
As soon as you can begin working start saving for retirement. I often have people in their late 20s ask me when they should start saving for retirement. I first ask them, “When did you begin to work?” I then immediately respond with the answer, “The first day you began working!” The earlier you begin saving for retirement, the earlier you have a tax break and the larger your return grows. More importantly, you don’t miss the extra cash as much because you get use to not having it.
With the average retirement age at 67 now and Social Security it the toliet, we can all sure bet that we will be working forever or worrying about our own retirement.
WHAT: This is entirely dependent on your situation. If your employer has any benefits that led to extra funds in your pocket, take full advantage of it. If the career field you work in has a pension plan take full advantage of it.
If you are entirely on your own for retirement planning, you should become throughly educated on retirement if in fact you don’t want to work until you die.
Retirement has really gotten much easier since all of the competition has forced it to be.
WHERE/HOW:
I really like a few products: IRAs and 401Ks.