Blog: 401k

What Age Should You Start Thinking About Retirement?

Saving
It is hardly a thought about saving for retirement when you are young, especially under 30 years old. The thought of being 65 years old is not a reality to anyone that young. However, once you are in your 30s and 40s and you start to experience those unexplainable pains in your legs or your side, you begin to realize that maybe, just maybe, you are aging. You also face the reality when your parents reach the age of 62 and 65 years old, respectively, and you likely aren't far behind, especially if they had you in their 30s and 40s.

At 18 or even 25, thinking about retirement already may seem like its too early. You've just begun your life. You've just started college or even graduated college, or just bought your first car, or just moved into your first apartment, so why would retirement even be on your mind? Why should it be on your mind? The truth is: you should expect to live long enough and beyond to retire. Even though we live in a world plagued with COVID-19, the statistics are still pretty good on your survival up until at least the age of 75 to 78 years old. If you're lucky, you can even look forward to 80 and 85 years old.

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What Should I Be Saving Every Year Towards Retirement?

Retirement
I always encourage everyone to do and I constantly do myself: Have a conversation with the 65 year old you. If you had this conversation, what exactly would your 35 year old self say to your 65 year old self or vice versa? What would you talk about? Probably the most important thing you could ever talk about: money and living situation.

So you are now 65 years old and you've worked your whole life and are ready to retire. Retirement is not the end of life, but the end of a work era where you can finally relax and enjoy the life you've worked to have. You are now eligible to collect social security and if you've done everything right up to this point, including paid off your mortgage, have no debts at all, you could probably live off your social security benefits and mostly be fine.

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