While we all want to believe we are invincible, unfortunately, that’s not the case. Looking back we can all remember the first time we received our first check from what we called our “big kid job” and the amazed look on our faces that seemed to come with it. How in the world would we ever get used to this kind of a paycheck? Well, as the years pass you unfortunately soon realize that life requires quite a bit of financial stability and blowing our paychecks on nights out or new hot rods isn’t always an option. The one thing that we don’t think of spending our checks on is our retirement and/or retirement plans. Many of us might not even realize we have them available. In our early 20s and even 30s often retirement is something that seems so far down the road that there is no need or even a desire to begin thinking about how to fund that portion of our life. There quite frankly just doesn’t seem to be a need. Right? The worst thing you can do is hold onto this mindset and the best thing to do is to dive in headfirst and start saving immediately. There are many benefits to starting your retirement early and I can guarantee you that your future self with thank you.
One of the main reasons it is most important to begin saving and contributing to your retirement plan early is simple; if you are used to spending an allotted amount per check on your retirement you won’t miss that chunk of cash years down the road. Now imagine you are in your 40s or 50s and have just now realized you need to start contributing, well, unfortunately, that means that you now have to adjust your lifestyle to cut out that extra spending money each month. Instead of having your daily coffee habit now you have to use that delicious steamy cup of Joe to fund your retirement plan. Nobody wants to miss out on coffee. The best part is you don’t have to! By contributing early you will have already learned how to adjust your budget and lifestyle to allow the simple daily pleasures you simply can’t live without. Start contributing as soon as you begin working instead of waiting for the “right” time in life and viola, you won’t even notice the difference!
All in all, sometimes living in the now can be exhilarating and exciting, however, while doing it we should be sure we are still planning and preparing for our future. There is nothing wrong with enjoying your life while you’re young and spending some extra cash on the things you enjoy, just keep in mind how much you will enjoy being stable and able to enjoy your retirement without the stress of a financial burden. There are many different ways you can start to prepare yourself for retirement. Talk to your employer today and see what retirement plans are available to you and get any and all questions you may have regarding your future answered. The time is now, so don’t wait!