The sooner you invest money the longer it has to mature. You can have a return of doubling your investment if you put away a set amount of money for ten years starting at age of twenty five.
So you see, saving money for retirement does not have to be a toil endlessly. If you can invest $5000 a year for ten years from the age of 25 to the age of 35 you will have upwards of about $800,000 when you retire at 65.
So the earlier you start the better. This is something you have control of, you don’t have to save forever, a good ten year plan is fine.
You should keep on looking after the banking organizations and evaluating their options. The payments that are made out in lump sum can fetch you greater interest at times.
One thing is for sure, you’ll be spoilt for choice, but do choose wisely and use a well known company. If you make a bad choice, no one there to help.
Your retirement money is your responsibility. Get onto it as soon as possible. But honestly, even putting something aside at age 55 is better than waiting until you are 65 and worrying about it.
If you need 30,000 a year to live on then you’d better get cracking! But be realistic, cash can be gained in parts from the social security pension, perhaps your employer has a pension scheme, maybe you are going to have a small business to generate some cash to live on. Savings can make all the difference to your quality of life.