When should one begin retirement planning

[Carpon]

Retirement planning is very important and any wise and sane worker must have this in mind all the time. There may be no specific time that one is expected to start planning for his or her retirement but actually there are times when retirement planning becomes late.

Ideally, a worker is expected to begin planning his or her retirement since from the time he or she begins working. This gives the worker the liberty and ability to save enough without really stressing his or herself financially. But this does not mean that anybody who begins saving late than this time is actually late.

You may even begin saving and investing few months to retirement and save up huge amounts also having much investments but this will mean that you'll go through a lot of strains financially.

Nevertheless, retirement planning is always regimental and the earlier is always the better. So if possible, start planning your retirement from the earliest time you can have.

 

[Ganibade]

Somebody must be able to plan for his retirement age.
This planning started from day one that the person entered or receive employment letter from the company.
He must be able to know what he's going to do, when he reach the age of retirement, and what is going to be eating in other to fight against future salvation.
Most of the people are learning good job when they are about to retired, in order to engage in some work after leaving the company that you are working for. Some learn a business to engage after leaving the company that they are working for and use the money collected from pension to start business. Some are rely on their children because the focus on their children by giving them well train both academic and home training, so that in future they will be able to take care of him and the entire family.

 

[Holicent]

Retirement planning is a process, not a destination. It takes time and effort to develop a comprehensive plan that meets your needs and that is why you should start early, but it can be done.

Useful tips on retirement planning:

1. Determine your income needs. This might be more than you think, especially if you have health issues or want to start a family.

2. Create an asset allocation plan that includes both stocks and bonds. You can change this after you retire, but it's important to start with something that fits your risk tolerance, so you don't end up in trouble later on.

3. Create an emergency fund and make sure it's adequate for at least six months' worth of living expenses. This can help in case of financial emergencies such as job loss or medical expenses during retirement.

4. Set up a Roth IRA or 401(k) if you're over 50 years old and have earned less than $100,000 in income over your career (not including employer contributions). Contributions are tax-free if certain conditions are met (such as earning under $110,000). The contribution limit for those under 50 is $5,500 for 2018; for those 50-64 years old it's $6,500 per year.

 

[Etini]

From the first day you start earning an income, you should know that one day you would retire. So from the day you start working, your retirement shod start ringing in your head. Why it is so so that if you start planning for retirement early, you would set the right strategy because you have had ample time to start working things out. So for me, I think you should start planning for your retirement the day you start working.

As I am talking to you, I am less than 39 but I have gone far in making plans for my retirement days. Some plans have already gone past the conception stage and are now in the actualization stage. Youbdibt have to wait till 5 years before you plan for retirement. Remember that plans are not failproof. Starting early affords the plan room to fail and time to readjust. Starting to plan for retirement five years before retirement age doesn't afford the luxury to readjust the plans.