Why do you go to work every day? Most people work to pay for everyday necessities. Some strive to build a business or an estate that will survive them. Others want fulfillment derived from meaningful work. But for many, the overriding goal is to provide for a comfortable retirement.
Achieving that goal requires continuous planning during your working years. The foundation of a prosperous retirement rests squarely on the four sturdy pillars of a) Social Security, b) company pensions, c) private pensions and d) your savings. On its own, none of that pillar will provide you with a lavish lifestyle. Combined, they should provide more than enough income to cover your needs, splurge on some nonessentials and generally pay your own way regardless of inflation.
Planning is mandatory
You must take into consideration your current financial situation, including your savings, investment patterns, liabilities (such as loans, credit card debt, or a mortgage), and future obligations such as education costs for your children. The next step is to examine what kind of retirement you see for yourself.
How much will you need? How long will you live? How long will you work? Our increasing lifespan is another big variable in retirement planning. The average man can expect to live to age 76 and women live an average of 81 years. And many people live even longer. It is wise to plan for at least age 90.
There’s a gap between the dream of retirement and the reality Americans face. A recent study from Washington University in St. Louis estimates that 4 out of 10 people over age 60 will fall below the poverty line at some point in their later years. Countless more will watch their dream retirement fade as they discover that their savings barely cover their immediate needs.
“Most people between the ages of 20 and 55 don’t even think about retirement,” says Stewart Welch, a financial planner in Birmingham, Ala., and co-author of J. K. Lasser’s New Rules for Estate and Tax Planning. “But the biggest factor in building wealth is getting money in the system and giving it time to work.” In other words, start saving early to get into the habit and to give your money time to compound (when it earns interest on savings plus the interest your savings have accrued).
You want your retirement years to be a time of peace, relaxation and comfort. Gone should be the days of worrying about finances, about bills, and about debts. Because social security cannot possibly provide sufficient money to give you the retirement lifestyle that you desire, you MUST make preparations NOW in order to ensure you’ll be able to live the retirement life that you want.
Few people have started saving money — no matter what the goal. Paying for college education of your kids, buying a house, going on an exotic trip, or getting the car of your dreams. Fewer still have started planning and saving for their retirement.
Why is this? Our retirement years are when we are most vulnerable. When we retire, we give up our jobs and the source of income that comes from working 9 to 5. We have to make do with what we’ve managed to save up, which, without proper planning, will be woefully insufficient for what we will need. We are also more likely to have an accident or get sick. How will we be able to pay medical bills if we have no insurance, and no money saved up?
You’re never too young to plan for your retirement
It is never too early to plan for retirement. Even if you’ve just gotten out of school and you’re in your first full-time job, now is the perfect time to plan for your retirement. Why? Because the longer you can save, the more money you’ll have when you retire. Saving for retirement is one of the most important things we have to do. Putting it off until we’re older merely means we’ll end up with less money when we retire. Less money means a lower standard of living, and a more financially precarious existence.
Here’s an example of why it is important to start saving for retirement as early as is possible. It is a fact that a person will have more money in his retirement account if he saves $3000 a year between the ages of 24 and 35 and lets the interest build up the remaining 30 years, than if he saves $3000 a year between the ages of 36 and 65, assuming a tax-free yield of 6% per year. Putting $36,000 away when you’re young will mean a better retirement than if you put in $90,000 later on in life. It’s called the “time value of money”. Work it out sometime.
Don’t procrastinate. Don’t put off saving for retirement. If you don’t start now, when will you start? When will you decide that it’s a good time to start preparing? When you’re young, you want to acquire things — fancy car, big house, expensive “toys”. If you wait until you’ve acquired all that you want to acquire, you’ll never start saving for retirement. This may sound melodramatic, but the time to start planning for your retirement was yesterday. Or last month. Or the year before last.
One of the ways to start saving early and have this comfortable lifestyle is to operate an e-commerce at home business. This result can be fantastic; the profits can go into saving for your retirement.
Evolution in technology and the Internet are now making it possible to operate a business from home and use the Internet as the primary vehicle for the marketing and delivery of the products and services. E-commerce is in; it is a revolution in the market place.
Your business can be active 24 hours/7 days a week with a very low cost of operation. Hundreds of million people are now using the Internet and this number is growing everyday. It is a rapidly expanding market.
It is simple to start a business on the World Wide Web now. For example, “iwealthmentor.easydailycash.com” is an opportunity with Internet friendly products, Internet delivery method and 5 on-line training sessions per week. Partner Company InTouchMediaGroup, a recognized Google specialist, offers online marketing training and tools “iwealthmentor.promoblackbox.com”.
Start by establishing your goals in terms of revenues, the time available and of course carry out your due diligence on the programs before going ahead.