Retirement – How Early is Early Enough?

Expert Author

When it comes to retirement, you generally have two types of people –  (1) those who will only start planning at the last minute, (2) and then there’s those who can seem to be never putting enough money aside for that critical moment. But how early is early enough when it comes to retirement?

A lot of finance magazines suggests that you start planning and saving for retirement as soon as your twenties. The effect of compound interest can then work to your full benefit and generate a strong extra income at the right moment. When we read these articles, it’s easy to believe that putting money aside as soon as possible might be the best idea.

However, life doesn’t quite work that way. If money is used properly, spending it or investing it right now could prove to be more beneficial long-term, especially in your twenties in fact. What if you would equip yourself with an even stronger education that would bring in more money long-term?

Indeed when we’re young, we have that energy that allows us to explore different things in life – like switch to a more enjoyable or profitable career path without feeling too much stress. When we’re 50, it’s a bit harder to explore and really go outside our comfort zone, because we’re more concerned with things like kids and our own health, and that’s perfectly normal. So, could that money you would put aside for retirement be used right now to gain more benefit in terms of quality of life and satisfaction for you? It’s a thought worth considering at all times when you put money in your savings account for retirement.

Besides investing in an education you could, obviously, pay all your debts and credit cards first to gain that good credit reputation back. Then, you could also use that money to do more things with the people around you, simply because they’re the ones who will be around you once retirement hits. We all need a little help at one point in life, and you get into the habit of keeping everything for yourself, your stack of money might not give you everything you want in the end.

A company or personal brand is also a great pick. Long-term value isn't only found in pure money, it's also found in things that people and society perceive as valuable, like companies, shares, trademarks and so on. If you're a creative person, you can perhaps gain a little more long-term by investing in these kinds of things then by adding stacking money in your bank account.

Conclusion

So to sum it up, saving is important, but you should always do it in consideration with what's going on in the present. Money can always be saved or spent and we do have a million options. However, you must find that sweet spot for your dollars that will allow you to raise your level of life even higher. Keep considering variables like time, payoffs, stress and personal relationships, and you will certainly be in a better place to reach your goals.

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Article Source: http://moneysolution.com/retirement/retirement-%E2%80%93-how-early-early-enough-370

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Retirement – How Early is Early Enough? | Money Solution

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