7 Simple Ways to Start Planning for Retirement While You're Still Young ...


Retiring might seem a far way off when you’re in your 20s and 30s, but by focusing on a few key ways to start planning for retirement while you’re still young, you can help ensure you’ll be in a more financially secure position when the time comes. Plus, with safeguards like company pensions and social security payouts shrinking while life expectancies and costs of living simultaneously increase, it’s more important than ever to become financially aware and take control of your own future. While the following basic suggestions are in no way one-size-fits-all or meant to replace the advice of a professional financial advisor, these seven simple ways to start planning for retirement have helped get me on track, and just might leave you feeling better prepared as well.

1. Consider the Big Picture

First in the lineup of simple ways to start planning for retirement is to brainstorm your initial vision and goals, even if at first it seems like it’s mostly just wishful thinking. These objectives will of course continue to change and evolve over time depending upon your individual circumstances. When you picture yourself as retired, what images come to mind? Do you see yourself perhaps settling down back in your childhood hometown or living a more luxurious life in a big city, or even another country? Do you imagine working until you reach a standard retirement age, or do you hope to retire early and pursue other passions? Do you want to travel extensively or live in a certain type of home? All of these factors and more can affect how much money you’ll need to save for retirement and how you should best take steps toward reaching your goals.

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