Chances are you haven’t put a ton of thought into retirement. It’s so far away, right? However, even if you’re decades away from being able to retire, there’s no better time than the present to start saving. In fact, the earlier you start saving, the better shape you’ll be in when it’s time to devote yourself to golf or quilting (or whatever your hobby of choice is). This week, several of our favorite blogs wrote about retirement - read on to see how you can start saving now!
Bargain Babe has come up with a list of 3 awesome calculators that can help take the guesswork out of the whole retirement issue. There’s a calculator to help you determine at what age you should start saving, how much income you’ll actually need in retirement, and how long you can expect your savings to last. These calculators can help you figure out exactly how much you’ll need to save in order to live comfortably once you retire.
Beating Broke points out the fact that there really is no good time to start saving for retirement. There are always going to be expenses that you’d rather take care of or debt you’d rather pay off. But, it’s important to realize that not saving for retirement can be a huge detriment to your finances down the road. Even if it seems unnecessary now, you’ll definitely thank yourself later when you don’t have to scrimp and save in retirement.
Ever heard about those people that can actually retire before they’re 70? Yes, it’s possible! Budgets Are Sexy is currently posting a series all about individuals who have been able to retire early. This post details how one man was able to become financially successful enough to retire in his 30s. Check out his story for ideas on how you might be able to manage the same feat!
Making Sense of Cents cites a Bankrate study saying that nearly 36% of people in the US have absolutely nothing in the way of retirement savings. To make sure you don’t fall into this category, you should avoid the mistakes of not saving anything at all, taking on debt for others (like paying for a child’s college), not saving because you think you’ll never retire, misjudging how much you’ll need for retirement, and using your retirement funds for other expenses. If you keep away from these mistakes, you’ll be in good shape!