The following statement just needs a reply to please I believe it is good to sta
ID: 2702363 • Letter: T
Question
The following statement just needs a reply to please
I believe it is good to start thinking about retirement at an early age. In my opinion the earlier the better. I started thinking about retirement at the age of sixteen when I got my first job. I was thinking about my future. Now, on the side I started taking action at the age of 25. I started investing in 401k and building a savings account. The idea is to start saving when you determine how much want to have at the age of retirement, and how much you can afford to save on a monthly basis. This may differ from person to person. I know people who started saving at an earlier age, and some that started saving at a later age. I started taking steps five years ago, so hopefully at my retirement age I will have almost 100k saved up. Also I will invest in some stock, not much but it can help me with my retirement. I already have financial plan for retirement,
and a retirement budget.
Explanation / Answer
You are doing a really good job by planning for your retirement so early on. You can enjoy a much safer life.
But just consider the opportunity cost of each penny that you save now versus that you will be saving few years later. Please consider factors like inflation into account.
Good foresight I would say.