Retirement planning is one of the most important ways to provide you and your family a safe and secure financial future. It can be difficult to anticipate just how much you will need for retirement because of things like inflation, cost of housing, preparing for things like potential health problems that could arise, etc. The sooner you start saving for your retirement, the better. Because of this, the sooner you contact an experienced federal retirement planner, the better. A federal retirement planner will be able to assist you in anticipating future needs and saving enough money for a good retirement.
Many people put off retirement planning assuming they have time to figure it out, particularly if they are young and other expenses seem more pressing. It is never too soon to start saving for retirement because the decisions you make now with your money will dramatically impact your retirement savings. CNBC explains just how important making smart decisions with your money now is and how it will impact your retirement savings in the future, “This is amply demonstrated by a 2012 survey of retirees by Bankers Life and Casualty’s Center for a Secure Retirement. When asked to give younger people just one piece of advice, 39 percent of survey participants said “Save for the future”…And when asked about the most important piece of financial advice they’d give, 93 percent of those retirees said start saving early, and 84 percent urged younger people to contribute to their workplace retirement plan…Here’s an illustration showing why that’s true: Suppose you’re 30 years old and for the next 35 years you contribute $5,000 a year (well below the maximum), earning 8 percent per year. At age 65 your account will be worth $861,584. But if you delay your participation just one year, starting instead at age 31, your account will be $68,451 less! If you contribute $1,000 a month and wait a year to start, your loss will be more than a quarter of a million dollars!”
Armed with retirement saving goals you can make choices now about how you spend your money. If you go out to frequent, expensive dinners with your spouse and consider eliminating 1 or 2 of those dinners per months you could be able to contribute an additional $100 – $200 dollars which translates to an additional savings of $1,200 – $2,400 per year which then compounds over time to dramatically increase your retirement savings down the road. Small changes with how you spend your money now can mean the difference between a retirement spent scrimping and saving and a comfortable retirement spent relaxing, traveling, and enjoying life.