Retirement: Plan It Today, Enjoy It Tomorrow

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The R word.  This is something we all have to come to terms to, that if we don’t die now because of something heroic or senseless or painful or plain vile.

Saving for retiring that every working person should prioritize.  But what you need  to remember is that it should not eat up a huge portion of your monthly take-home money. 5-10% is enough.  Or if you don’t want to make the actual saving yourself, ask your employer if they are willing to contribute on your retirement account.

For your guidance, here are other reasons why you should start saving for your retirement as early as NOW:

  • Start saving the moment you get a job

Most fresh graduates who just had their first paycheck will frown at the thought of retiring because well, they’re just starting. But the thing is, the moment you become financially self-reliant and no longer being supported by your parents, you alone are responsible for yourself for the rest of your life.  And so, allot 10% of your salary to your retirement account.

  • Open a retirement account

So you have the money, but then where are you going to put it. Unlike a regular savings account, withdrawing from a retirement account is harder because you can only take out money during two prescribed months every year.  And when you do take out money, you will be ousted of the special tax treatment.

  • Discipline yourself to not withdraw the money

 There is the money, you can get it, not every time you want or need it, but you will get it.  However, this should not be an excuse to actually withdraw from your retirement account when you are allowed to.  Develop a strict code of thinking of your financial status when you approach your 60’s .  Do you wish to retire to some place awesome where you will just own a grape farm in Italy?

  • Don’t overthink the future

Then again, thinking way too forward will make you lose sight of the future and some bit of the past. Saving  a reasonable portion from your current source of income will come a long way when you are old enough to stop working.   Think of it this way, you don’t want to work until you’re 80 and yet you need to reap on your current 9-5 job where you actually spend 10-12 hours in the office.

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