Retirement is something that should be taken more seriously. Regardless of age or physical condition, every worker should plan how to go about the retirement years. Here are three reasons why retirement planning is a serious matter to consider.
1. You will be on your own. The government will not take responsibility over you. There is no indication that the social security system in many areas of the world are changing soon to accommodate the needs of retirees. In fact, most governments need to balance between spending and collecting taxes. So the future could not rely on the social security as the primary source of financial support during retirement years. So to bail yourself out of uncertain future, start saving for your retirement now.
2. You can take advantage of the power of compounded interest. Investing your money today for an 8% return will likely double your money in nine years. Simple math dictates that the earlier you plan and save for retirement, the more times your money will double. By the time you retire, you are financially prepared.
3. The world is changing at best every passing day. The last century has seen tremendous changes that no other period in mankind’s history has made. The inventions and innovations indicate the change will happen almost unhindered. Since the latest technological improvements that promote health and well being entails money, saving now would secure the future. Whatever the future technologies have in store for you, saving now guarantees that you can match the imminent changes of time.
Is retirement planning really important? Regardless of your belief, the value of saving is timeless, whatever purpose the savings have been set up.