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Retirement And Financial Planning
Can you afford to retire? Retirement conjures up images of a leisurely lifestyle, with walks by the beach or in the park. Retirement does not occur just like that. It can only happen with proper financial planning. One simply does not exist without the other.
Can you afford to retire? Retirement conjures up images of a leisurely lifestyle, with walks by the beach or in the park. Retirement does not occur just like that. It can only happen with proper financial planning. One simply does not exist without the other.
Various studies have shown that 95% of the population will not have enough funds in their accounts to qualify as what is considered financially independent by the time they reach age 65. A good proportion of these 95% will still be broke when they are supposed to be able to enjoy their life, and will have to find various means to sustain their daily livelihood. It is a sad situation, but it is a fact.
There are various tools available (and many of them are available online) that aim to help you determine your retirement needs., We have reviewed some of these, which we feel may be useful to the average folk. Here is something to think about - simply calculating how much you need for retirement will not do anything for you - if you do not implement the financial plan.
Financial planning should start as young as possible, and should not wait. Starting young will allow your money and funds to grow through your investments. This will allow a person to accumulate an investment portfolio that will grow large enough to fund one’s retirement needs.
What if you do not start young? The results can be quite damaging. Starting late will have the time factor work against you. Why do we say that? The reason is that the compounding effect of time can make a huge difference to the size of your portfolio. Warren Buffet, said to have started very young in investing, will likely be a very good testimony to this fact.
In fact, the principle of the compounding effect of time has been mentioned as the eighth wonder of the world. So, do be prompt in planning for retirement. Get your personal financial plan in place. If you have been procrastinating, start now.
Carpe diem (seize the day!). Just do it.