People in young age hardly bother about retirement. We understand that you have young blood and want to fulfill all your dreams and ambitions in life, but have you ever wondered that how you’ll manage when you are no longer earning but hell lot of expenses to take care of during your retirement.
Let’s quickly look at some of the expenses which you might need to fulfill during your retirement-
2. Child’s education
3. Child’s marriage
5. Medical expenses and many more
These are some of the very common expenses which we all come across but the list is actually endless.
Retirement planning is a very crucial event of life which simply refers to allocation of savings for retirement with the sole purpose of achieving financial independence.
Each one of us wishes to retire comfortably but the complications involved in successfully achieving your retirement goals requires years of persistence and of course sensible planning. It’s better to start with your savings early in your life if you want to avoid the pinch post retirement. All you require is attainable regular savings with a sensible investment planning and long term commitment.
Retirement should definitely be the best time of your life, when you can simply relax and enjoy your life by reaping benefits of hard work over the years. There’s a very famous quote by legendary investor Warren Buffett which says-
Here we have 5 important reasons why you should plan for your retirement to achieve a worry-free retired life-
1. Medical emergencies
Growing older involves more health issues and higher medical-related costs. The question is that whether you will be able to afford the cost of long-term care since it can be very expensive and is included in the cost of your retirement.
Moreover, savings for retirement will help to ensure that you are well cared of in your retirement days. Hence do start with your savings early.
Another very important reason why you need to save for retirement is for your kids. Most of the people have to undergo financial difficulties just because their parents had not properly planned for their retirement. Fulfilling their heavy medical expenses and other needs along with personal family need is really very difficult in today’s era of high inflation.
3. Fragmentation of nuclear families
There was a time when the elder had a family to support them both mentally and financially but these days there has been a drastic change in the culture of Asian families since couple prefer less children. Thus planning for your retirement becomes really important so that you do not have to beg in front of your children.
This is the time when you need to make smart investment decisions during your working life and put your hard-earned money to work for you in future.
4. To plan for your children
Your kids are one of the very important reason. Most of the people have to undergo financial difficulties just because their parents had not properly planned for their retirement. Fulfilling their heavy medical expenses and other needs along with personal family need is really very difficult in today’s era of high inflation.
5. Avoiding work pressure post retirement
Are you willing to work post retirement? The reason being that people who are unprepared for retirement often have to keep working to fulfill their family’s need throughout life. You cannot say that you’ll continue to generate income throughout your life hence, savings plays a key role.
Retirement is an important reality for everyone. Most young people think retirement is a long way off. However, it is important to plan for your life post-retirement if you wish to retain your financial independence and maintain a comfortable standard of living when you are no longer earning.
Getting an early start with investing can make a huge difference in how much you will have when you retire. Still thinking? What are you waiting for? Go and start planning for your retirement today.
Happy retirement to you!