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How to Save for Retirement

How to Save for RetirementMost people who have just started working hardly think about retirement. Young adults in their early 20’s tend to live in the moment and enjoy the new phase of their life as they start to earn and become able to support themselves.

As young adults start their working career with enthusiasm, their parents and elder relatives are nearing the completion of their own.

Once they stop working, how will they live? Will they be dependent on the next generation or are they completely prepared for their retirement? Do they have money saved-up or will they rely on their business to support them?

Start early

The easiest way to prepare for retirement is to start as early as possible – as early as the first pay check. While it may seem daunting and difficult at first, saving for retirement this early is not unthinkable, it is in fact quite the opposite.

The earlier a person starts, the easier it gets and the better the returns in the long run.

Another relevant question to ask yourself is this: Are you a saver or an investor? A saver would keep all his money in safe, low interest accounts whereas an investor would spend the money on assets that are expected to grow and produce additional income later on.

Ideally, every person should both be a saver and an investor.


Many savers think that saving $10k a year for 40 years is the same as saving $20k a year for 20 years. This would only hold true if you keep your money under your bed and not let it grow in a secure investment. If the money is invested in an account with a modest 2% growth, $10k will become more than $600k in 40 years whereas the $20k per year invested in the same account will fall short of $500k in 20 years, a difference of more than $100k.

This is the power of compounded interest – a concept that most banks would not want to educate you about and the same concept they use to bury people in debt.

Or investor?

Meanwhile, investors can look into several options such as real-estate and the stock market. Buying assets that are guaranteed to increase in value over time and/or produce dividends are excellent ways to plan for retirement.

Concrete steps one can take is immediately set aside a percentage of their money during each pay day and dedicate it to retirement. Prioritize your savings before thinking of buying rewards for yourself. Always keep in mind to pay yourself first.

Again, the earlier one starts, the easier it will be and the better the returns. The more effort you put in, the more you will thank yourself once you retire.