Many adults in their 20s and 30s think that retirement is something they only need to think about when they get older. Anyone you know near retirement age will tell you how the years just slip by, and how important it is to build a sizable nest egg for your future.
1.Saving your money early means your money is invested for a longer time and has more time to grow.
2. Increasing your payments further down the line may also give you a better chance to have a much better quality of life when you retire.
3. Saving over a longer period means that it will allow you to save less each month but still achieve the same goal as saving more money for just 10 years.
4. Saving will mean you have more disposable funds when you retire. Trying to achieve the same goal by saving much later in your life will mean less profit.
5. If you start saving today it will bring you more benefits tomorrow as your interest grows, the interest you receive will, in turn, bring about even more interest.
6. Investing early and wisely could even mean that you could retire early giving you lots of time to tick the things you have always wanted to do on your bucket list.
7. You must look at the bigger picture. In your 20’s-40’s, you will have more disposable income. After that, you will have other financial commitments like paying for your children’s education and buying a house. So, the earlier you can start saving the more you will benefit from it.
8. When you make a payment into a pension, the government repays your tax at the highest rate you normally pay which basically means that you are ‘given’ extra money.
9. You can work out what sort of lifestyle you would like to have when you retire and how much that will cost you. Fabulous holidays are not just for the young ones.
10. Start early with saving and investing in a retirement account and the likelihood is that you may well become self-sufficient and have more control over your life.
Source: Unbiased, Pension Bee, SMFS Loan Experts
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