What is your personal finance plan for retirement?
You should have personal finance plan for your retirement. It doesn't matter how old are you now, it is very important step you should not avoid to assure your comfort during your old age. Maybe you just start your job, just married or five years towards retire. What ever stage, you should plan for your financial security when you not work anymore.
At the moment you need to leave your job you should already have financial security in term of saving or investment. At that time some of you may have a pension fund from government and some of you will not. I believe pension fund alone is not enough to survive in the economy condition nowadays. If you not have any pension fund than you might be more suffer. That's why you need a retirement plan.
As I said earlier, it doesn't matter how old are you now, you need to start saving or invest for your retirement now if you not start yet. You should not be regret later if you are not doing so. If you start saving or invest early, you will accumulate much more money by the moment you retire compare to start later. But better been late than nothing.
The advantage of start saving early is you only need to put aside a small amount of money, maybe $100 monthly or 10% of your income if possible. Again if you start saving early, you have a longer period of investment towards retire. So, you can invest your money into stocks, bonds or mutual funds where that kind of investment contain risk and need long term of investment. You not in hurry to cash your money. That kind of investment will give you higher return compare to saving your money into saving or current account.
I suggest you read any suitable resource such as books, magazine or from internet to learn how to plan, type of investment and what ever information you need. Usually they provide you a worksheet to fill for your plan for retirement and also there is calculator to helps you decide how much amount you need to saving monthly. You can estimate how much money you will accumulate by the time you retire depends on your monthly investment.
If you thought you don't have enough money to invest monthly, you better find solution to that problem. Do some extra work or change your job now if you have other opportunity with higher income. You better find ways now than suffer during your old. There are also many money management company which provide retirement plans program which assist you in managing your financial plan for retirement. If you feel you need help, find them. But make sure they are legal.
Life needs balance. So enjoy your life today but still plan for your future. The decision is in your hand. Let you control your finance not your finance control your life.
To your financial freedom!
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