Be honest: how often do you think about retirement? For most people, it’s something that vaguely pops up in our mind from time to time, but we never actually sit down and start retirement planning. We’d rather live in the moment, and not waste our time thinking about a future that seems incredibly distant. If someone asks us what we think the best age to retire is, we’ll say, “as soon as possible!” But we don’t actually do anything to make that dream a reality, do we?
But, when it comes to a retirement saving account, the best time to start thinking about it is today. It doesn’t matter how old you are, or how many years you have left until retirement – now is the perfect moment to think about your financial goal for your golden years.
Is retirement at the back of your mind?
Why don’t we think more about retirement? There are a lot of reasons. First, it can seem like a long way off. When you visit your grandparents, it can be almost impossible to imagine that one day you’ll be in their position. Nobody likes to think about getting old.
Worse, a lot of us have a tendency to put off saving for retirement. Maybe you’ve checked an early retirement calculator, and it seems hopeless. Maybe you’re still holding out hope that you might win the lottery one day, and your retirement savings will prove to be useless. Maybe you just feel like your money would be better spent today rather than putting it aside for a distant future. Putting your hard-earned cash into a retirement fund can feel like a boring option compared to a spending spree or an exotic holiday.
Time to start planning
But sometimes the boring option is the best one. The sooner you start to think about how to plan for retirement, the more confident and comfortable you’ll feel as the years go by. There are countless benefits of starting a retirement plan early – not only will you be in a better financial position when you finally finish working, but you’ll also feel significantly less stressed as that date gets closer.
Even better, if you start putting money aside today, you might find that the magical moment of retirement is not as distant as it seems. Through careful investment and early retirement planning, you could be relaxing on the golf course while your peers are still slaving away at the office. It’s a win-win situation: the sooner you start to save, the sooner you’ll be able to enjoy the fruits of your labour.
Do your research
When it comes to a big financial decision, it’s always a good idea to get professional advice. Ask your bank manager for the best retirement investments, and take your time before you make any concrete commitments. Retirement is not the time for risk: you don’t want to wake up on your 60th birthday to find that your investments haven’t done as well as expected.
There are thousands of options available if you’re looking for the best retirement savings plan, all of which have their pros and cons. For many of us, the ideal solution is a plan which quietly and unobtrusively removes money from your account on a regular basis, so that you barely know it’s happening. A simple solution, such as the express saver from Move, could be a good option to get started on your retirement planning journey. You won’t need to tighten your belt too much at the moment, and you’ll be able to relax quite a bit more, safe in the knowledge that you won’t need to live on a tiny budget in your golden years.
Caroline is a writer with years of experience in business administration. She enjoys meeting new people and reading more books to get inspired for her own book. Her twitter, @BCarolinebird12.