When Should You Start Retirement Planning?
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by: Guest
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Why, you might ask? You may plan to work for 40 or more years and think that there's plenty of time for retirement planning somewhere down the road.
By starting your retirement investments early in life, you will have the opportunity to accumulate a sizable retirement account by the time you are in your 50's and 60's and will not have to make extreme sacrifices in the later years of your working life in order to build up your account.
Contribute at least enough to capture your employer's match if they have one.
Every year, upon receiving your annual raise, raise the contribution to your account by 1%.
Early in your career, you can afford to take more risks with your retirement investments.
Monitor your investment mix on a regular basis and adjust it to a more conservative mix as you get closer to your retirement age.
It will be in your best interest to begin early on instead of waiting until later life when you have other priorities.
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