Most times most people are not guided on retirement plan benefits and for that matter find it not necessary and hard to start. It is only right to have a retirement plan as soon as one starts receiving pay checks/salaries or dividends from their businesses.
There are so many reasons for being unable to save for retirement like financial hardship, having to take time off to look after a loved one, having accumulated medical and college debt. However with all that setback, you can still take advantage and save. It’s never too late to start.
In your 30s?
If you start saving for retirement at 30, you could have more years/opportunities to save. Though it seems the right time, it’s also the time for settling down for marjority with marriage, mortgages and student loans etc. But bare in mind you can still sacrifice and save depending on financial goals and investment plan. While retirement is key, consider education plan too because this is one of the most stressful expense parents incurr incase of financial loss/uncertainty.
In your 40s?
Not all hope is lost. Most people start to get lucky at 40, at this age maturity kicks in with luck. If one land on a well paying employment due to acquired experience, one can still work out the retirement plan.
In your 50s?
Once you clock 50 and didn’t save for retirement, it’s not too late to catch up.financial advisor and business consultant Irene Ageno Julu explains that at this point one should take advantage of self employment through business ventures that have high profit margin in the shortest time possible as well as doing consultancy in areas of specialisation.
Much as saving for retirement is a frustrating process given the financial stress and economic uncertainties, it’s very possible to save for retirement and live a more fulfilling old age.
