7 AUG 2017
Why is retirement planning important?
The 21st Century has witnessed the growth of a world which is run solely by money. We would all like to believe that honesty and compassion are prioritized over money but this is just wishful thinking; your lifestyle, your social circle, and the respect that you receive from the community are all determined by the figures in your bank account. We are slowly but steadily evolving into a mechanical society; with inflation and astronomical prices for necessary items for food and shelter, having six figures in your bank account is not an option anymore, it is an obligation.
However, special attention has to be paid towards saving money for a financially secure future. When your bones are weary with age, you desire and deserve a comfortable, quiet retirement. Everyone would want to enjoy their twilight years completing their life’s dreams and not worrying to make ends meet. After working hard for a major part of your adulthood, you would want to retire in style and live a life which is free from the worry of paying bills. In order to ensure this, you must start planning for your retirement at an early age.
If you disregard saving money from the start, then it will not only become very difficult for you get into the habit of saving money regularly but it will also leave you with a much smaller sum for your retirement as compared to the sum which you would have accumulated had you started saving at an early age. As humans, we all have a tendency to splurge on worldly things the minute we are handed our pay check. Quite often, we end up buying things which we don’t need; these things then remain at the back of our cupboards, collecting dust; a reminder of your poor decisions. Thanks to the power of compounding, setting aside some part of your salary regularly for your retirement will accumulate into a healthy sum by the time you are ready to retire. You must remember to save first and then spend later.
By investing wisely, you will never face the problem of being in debt or the inability to pay bills. With just a little effort and some self-control, saving money would become a conditioned reflex.
22 JAN. 2018
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