Saving up for the future, may it be far or near, can be a little difficult especially when there are no boundaries set for spending. Individuals who save up for their retirement as it nears find their savings insufficient for them to maintain the lifestyle they currently enjoy.
It is recommended that by the time a person retires, they must have a retirement savings worth $1 million to sustain oneself, yet most only get to save up about $5,000—an undesirable amount. Employees should not wait long before they start saving up for retirement. As the current workforce in America believes they should invest for retirement, only three-fourths of the population is doing the hard work for it.
It is best to start investing for retirement as soon as possible; begin saving the moment once employed. Doing so sets employees to a good start. This will lessen the load over the years of working non-stop and will build security as the years toward retirement draw near. The longer one waits, the harder it will get. If an employee plans to retire by the time they reach 67, by 35, retirement savings amounting to twice one’s annual salary must be attained.
Investing in one’s retirement may sound difficult, yet as one does it the soonest, the more attainable it will be. A person must decide and plan to save up for the far future to be able to sustain the lifestyle one enjoys.
Barry Bulakites is the president of Table Bay Financial Network and is a registered innovator in the field of financial services. He is responsible for some of the industry’s unique platforms serving the retirement marketplace, including America’s IRA CentersTM, and America’s Tax SolutionsTM. Find out more about Barry by clicking here.