8th March 2019
Reasons to start saving for retirement early
- You’ll prepare in a more relaxed way
Saving for 30 years instead of 10 means you can put away less money each month and reach the same target. It’ll also mean you have cash left over to spend on yourself in the meantime.
- Earn more thanks to compound interest
If you start saving today, you’ll earn more because interest payments build up – every interest payment you receive starts earning corresponding interest itself right away.
- You will enjoy greater peace of mind
Putting in place a plan for your retirement means you can start looking forward to a more comfortable retirement. You’ll feel more confident about life after work knowing things are taken care of from a financial perspective.
- You could retire earlier
If you manage your wealth and retirement planning wisely, you might find you’re ready to retire younger than you’d imagined. Give yourself more time for the things you’ve always dreamed of doing.
- Plan when you have more disposable income
It’s normally the case that you have more disposable income from your twenties into your early forties. Later in life, you may find that you have more responsibilities – children’s education and mortgage payments, for example – and find it harder to put money into your retirement fund every month. Start early while you have extra funds.
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