Retirement Goals - Are We There Yet?

Rajeev Mudumba

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Many of us have been told that we should start saving for retirement as soon as possible, but not everyone understands why it is so important to do so. After all, some would argue that money is better served in the here and now.

What about those who don't have a job? Is it really necessary to save if you haven't even graduated college yet?

The answer to all of these questions is a firm yes, because the earlier you put the process in motion, the better it will be for your future.

You might not realize just how much time can pass before you are able to retire—it could be longer than you have been alive already. Even if you start saving from a young age, you might not see the full results until you are decades older. For example, a 25-year old who starts saving $2,000 a year for retirement will only have about $60,000 saved by age 45. If they continue to save that same amount each year until their mid-sixties, they could have $720,000 for their golden years.

That gap highlights the importance of doing everything you can to get started early on your retirement savings. The sooner you start investing any amount, no matter how small it might be, the better results you will see when all is said and done. That might seem like cold comfort if you don't have a job or a lot of money, but that shouldn't stop you from putting what money you have into your retirement fund.

Every little bit counts, and anything is better than nothing when it comes to starting a savings plan for your future. If you can afford only $25 each week to invest in your retirement, then put that away as soon as possible. Even if you have to wait until you are older to start taking the money out, it will be worth it when you see how much of a difference it can make in your life.

The earlier you start saving for retirement , the more help that money will provide later on down the line. That is why it is so important to get started early—no matter how little money you have to invest, waiting only hurts your chances of enjoying the benefits later. If you were lucky enough to start saving for retirement while you are still very young, why not take advantage?

Nobody can predict what the future will hold, so it is best to get started today . The sooner you begin investing for your golden years, the sooner you will be able to retire knowing that you have left nothing on the table. If you can't afford to save anything right now, don't let that discourage you from putting what money you can away today so it can grow in time for when you are ready.

The earlier you start saving for retirement , the more time your money will have to grow. That can make a huge difference in the long run, so don't let yourself become discouraged if you still think that retirement is decades away . A little bit of saving now can go a long way towards helping you live comfortably later on, so start putting it into your plans as soon as possible.

Are you planning to retire soon? Or do you still have a long way to go before that can happen? What about your situation in regards to retirement savings ? Do you think that it is too early for you to start saving money?

Share your thoughts with us in the comments below.

Disclaimer & Attribution - Not Financial Advice.

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Rajeev Mudumba is a dynamic entrepreneur, executive, business strategist, coach, and advisor. He is also an accomplished author, speaker, and thought leader. Above all, Rajeev is a diehard optimist with a "can do" attitude. Subscribe to Plan B Success podcast on your fav platform or www.planb.live. Also, subscribe & watch on YouTube @ http://bit.ly/2YegieF. Don't forget to share & spread the word!

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