For many people thinking about retirement planning early into a career, they may seem it to be a bit morbid, feeling as if this beginning is just a means of preparation. As with anything, everyone’s experience varies wildly depending on life circumstances. It’s all too easy to get to a point where it feels like you’ve missed the retirement planning bus. The good news is that you haven’t. It’s never too late to get started, but it can sometimes be hard to reconcile that you’ve got to get started. As with any habit, the earlier you start the easier it gets, and starting later in the retirement planning game leaves you with a bit of an uphill battle. Not to fear, it’s never too late to get started. Here are a few tips to consider for getting your retirement plans underway.
In last week’s blog, I outlined 13 best practices for teaching kids about money that I recommend to my clients. In this week’s blog I’ll discuss when it’s time to introduce certain concepts and practices as well as outline some valuable allowance tips for parents and important things that each age group should know.
Our culture builds a certain degree of optimism around the concept of retirement—people always "can’t wait until they can retire" and it’s a constant goal to be financially stable enough to do so. A lot of recent and near-future retirees go into retirement with something of an impossible idealism about the entire venture, believing that they’ll finally be able to let go and have the world take care of them for a while. This isn’t necessarily misplaced—after a few decades in the workforce, the prospect of not having to work anymore for a living is a welcome one. But as many retirees come to realize, retirement itself isn’t as carefree as we’d like to think it is.
Here are a few general tips to help keep you grounded while handling the excitement that comes with the prospect of retiring