Retirement may seem like a far way off, and it very well could be, but you won’t get any closer to the goal if you don’t start planning. That is why now is as good a time as any to take action. Here are three other reasons why you should start retirement planning today.
You Can Take Advantage of Compounded Returns
The question of how much to save for retirement is complicated, but compounded returns mean you will end up contributing less in order to have your goal amount than if you wait to start investing.
It Is Easier To Recover From Losses
If you choose to invest in stocks — and many people do — you will need to be prepared for some ups and downs in the market. No matter how stressful they can seem, it is much easier ot recover from a market crash when you are young than if you wait and have to take bigger risks closer to your retirement age.
You Can Retire Earlier
This reason alone is enough motivation for many people. The earlier you start planning, the sooner you will be able to realize a healthy retirement. Yep, you’ll have more time to enjoy your retirement than people who waited to plan.
You are never too young to start planning for retirement. Starting now can help you take advantage of compounded returns, weather market fluctuations, and have more time to enjoy your retirement.