When should you have started planning for old age? The obvious answer is: when you were young, of course!
Yet, most people don't even think about that because we think we'll deal with old age when it comes. Suddenly, one day, you're old and there's not a single person that would help to look after your daily needs.
So, when should you start planning for a comfortable retirement?
Start at the earliest, when you are 25.
Presumably, this is when you will have your first stable job. When you're much older, it's a lot more difficult to change poor spending habits and not saving up.
If you're a late bloomer, start at 30.
That's a cut-off point if you're going to reach the age of 70, at least!
If you switch to your own business, you're practically restarting at 40.
Now, you've got to add more to your savings to compensate for the first couple years your business takes to turn over a profit.
Don't start at 25 and stop at 40!
A lot of people tend to do this due to the growing responsibilities of a family, but you're going to find yourself miserable and probably in debt when you're in your sixties instead of enjoying your retirement.
Consult a financial advisor.
If you feel you don't make enough to save now but will do so later, meet someone who can give you the right financial advice as to how to save. Today, the Internet is also a powerful tool with a lot of information available for use - especially if you have no access to personal financial advice.
It is still possible to save money as you grow older towards your 60s.
Review your assets and see which ones can bring you more money or which can be sold. Rework the proceeds towards something more profitable or something that gives you a steady income out of it. Remember: even a small, steady amount is better than a dead asset.
Whether you buy a Ferrari or you take public transport to work, you are never going to be 21 again. However, that doesn't mean it should be all dull either.
While you definitely can and should indulge in what makes you happy, remember to take everything in moderation; and don't forget your future self's wellbeing, either!
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