Because Time Really Does Fly, It's Never Too Early to Start Planning for Retirement

When the average 2011 college graduate walked towards the faculty member holding their diploma, that fresh grad had $26,600 in student loan debt. While that may not seem like much, if grads chose a standard 10-year repayment plan, they're going to end up paying a total of $35,000. And since 44% of recent college grads are underemployed, dealing with that amount of debt can be quite stressful. Combine that with the fact that many young people are also carrying other forms of debt like a credit card balance, and it's easy to see why retirement is one of the last things on their mind.

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If you're in your late teens or your twenties, it's normal to feel like you have forever before retirement becomes a prominent issue. Although it is true that you've got many years of working ahead of you, one of the least understood aspects of retirement planning is just how powerful time and compound interest are. Even if you get a modest start, the small amount of money you're able to put aside when you're younger will substantially grow over the course of several decades.

Because retirement can seem like such an abstract concept to anyone who's under the age of thirty or even forty, let's dive into some concrete information about this topic so you can understand why you do need to at least think about retirement even if your career is just starting or you're actually still in college:

Start with a Savings Account

Another common reason that many young individuals don't give much thought to retirement is it all seems too complicated. Just like with losing weight, if a person tries to follow a diet with all kinds of restrictions, they're only going to be able to stick with it for a short period of time. But if they just make a few small changes, they'll be able to maintain those changes and start creating positive momentum for themselves.

The same concept can be applied to planning and preparing for retirement. If you haven't done anything yet, the easiest first step to take is opening a savings account. Once you have a savings account, figure out an amount you can put into it every two weeks. Even if that amount is only $50, you're going to be saving $100 more per month than you previously were.

Dip Your Toes Into Investing

If you follow the above step, you're going to start building up a nice balance in your savings account. While that's a great start, you don't want your money to stay there forever. Eventually, you're going to want it to really start working for you. That's where investments come in. Now, don't go open an online brokerage account and start snapping up stocks. Instead, take the time to meet with a financial planner and learn what strategies are going to work best for helping to build a great retirement nest egg for yourself.

Don't Ever Sabotage Your Progress

Once people start thinking about retirement and taking steps to secure theirs, they're generally happy with the progress they make over the course of a couple of years. Unfortunately, it's possible to break even a great streak of success. The reason that can happen is if a financial emergency occurs. When this happens, people often make the decision to dip into their retirement savings to cover it. While they may not think it's that big of a deal, as you've probably learned from all our discussions of compound interest, the effects are actually more severe than they seem.

If it's important to avoid taking from what you've put aside for retirement, then what should you do if an emergency arises? Because an infusion of cash is almost always what these types of situations require, your best bet is to work with a signature loan provider like InstaLoan.com. As long as you have an ID, proof of income and a checking account, you can get a loan for up to $500. And if you need more than that, you can use your car title to get a loan for up to $3,000 from the same company.

Right now, retirement may seem like something that's not even going to happen in your lifetime. However, like it or not, eventually getting older is something we all have to deal with. And if you want that period in your life to be as comfortable as possible, getting a jump on securing your retirement will definitely help you out!

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Posted in Financial Services Post Date 06/21/2020


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