Long gone are the days when you could look forward to living on a nice pension and Social Security when retired from the workforce. These days only federal and state employees can count on retirement income from a pension. The rest of us have to rely on good old-fashioned savings, especially since we can no longer be certain that Social Security will be around when the younger generation is old enough to collect it.
You must establish your financial foundation early–long before you’re old enough for retirement–so you’ll have a nice nest egg you can live on in your golden years. Ideally, retirement planning should start the moment you enter the workforce, which for most people are when they are in their late teens or early 20s. Those years go by fast, and before you know it, you’re in your 40s and wondering where those years went.
Retirement planning requires being fiscally responsible and financially disciplined. You must learn to control your spending and establish a savings plan. When you’re ready to start saving for retirement, it wouldn’t hurt to consult with a financial planner or elder law attorney who can give you some guidance and suggest types of accounts and investments that would meet your retirement saving objectives.
