Retirement Planning Choices
Planning for retirement can feel uncomfortable. After all, for many people retirement is very far into the future.
Let’s look at two scenarios to plan for your retirement: a TEMPORARY PLAN, and a PERMANENT PLAN.
A TEMPORARY Plan For Retirement
There are many low-cost options for retirement planning. At first glance, these might seem like a good option. After all, many people believe that they’ll be able to contribute more to retirement “in just a few more years.”
Maybe you’re in this situation. Finishing up school, transitioning jobs, waiting on that next big promotion, or any number of life situations can make you feel waiting is the best course of action.
And of course, these low-cost retirement planning tools say you can always renew.
The Right Time for Retirement Planning
The key to successful retirement planning is to give your retirement fund as much time as possible to grow. In just 20 years you could amass a healthy retirement nest egg. Or, if you opted for a temporary plan for retirement, you could find that your options are severely limited.
After 20 years you may or may not be in a stronger financial situation. Job changes, economic downturns, recessions, (even pandemics) can happen. Life is always challenging us! After 20 years an insurance renewal and upgrade may not be as easy. The costs could be as much as four times higher. And, of course, now there is less time for your retirement fund to grow.
A PERMANENT Plan For Retirement
On the other hand, a little extra budget toward your retirement plan TODAY can reap huge benefits 20 years into the future. This is the idea of a PERMANENT PLAN for retirement. Make the commitment today, and well thought out and designed retirement plan, invested in today, could allow you in 20 years to:
Finish with retirement contributions (yes, after only 20 years!)
Accumulate a reasonable nest egg investment
Ensure your retirement income
Protect your family from the uncertainty of life
The Key to A Happy Retirement is Planning
Plan for your retirement today. Don’t put it off. Work with a financial advisor to learn what your options are. And make the investment today. Your future self will thank you!
