Want to retire? This term conjures up images of a leisurely lifestyle, with perhaps walks by the beach or in the park. Retirement and financial planning usually occur together. For the simple reason, one simply does not occur without the other.
Various studies have shown the vast majority of the population (some say as high as 95%) will not have enough funds in their accounts to retire. In effect, the vast majority will not be able to become financially independent by the time they reach age 65. They will still be broke at the age when they are supposed to be able to enjoy their life. They will have to find the means to sustain their daily livelihood. It is a sad situation, but it is a fact.
There are good resources and tools available (and many of them are available online) that aim to help you determine your retirement needs. We tried and reviewed some of these resources and tools and those that we feel may be useful to our readers, we will point them out to you. A caveat on the use of these tools though. Using such tools to simply calculate how much you need for retirement will not do anything for you at all - if you do not implement your financial plan.
Planning should start as young as possible. This will allow your money and funds to grow through your investments - you should have an investment portfolio that will grow large enough to fund your needs.
Start late, and the time factor can work against you. Why do we say that? The simple reason is that the compounding effect of time can make a huge difference to the size of your portfolio. Warren Buffet, said to have started very young in investing, will likely be a very good testimony to this fact.
In fact, the principle of the compounding effect of time has been mentioned as the eighth wonder of the world. So, do be prompt in planning for retirement. Get your personal financial plan in place. If you have been procrastinating, start now.
Carpe diem (seize the day!). Just do it.
Checking out for tools and resources on retirement and financial planning? Go check out our site on simple financial planning and download the free ebook on getting rich. Don't reprint this exact article. Instead, reprint a free unique content version of this same article.
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