We all want to retire early and live the life. We all want to have a high quality of life in our golden years. We all have different plans for saving towards retirement.
It’s solid personal finance advice to suggest to a young person to save money towards retirement. We all should have retirement savings on our minds, regardless of our current age. There are many ways that one can go about saving up for retirement and it all depends on what opportunities are available to us. The dilemma with retirement saving for most of us is surrounding the idea of the amount of money that we should be putting aside for our retirement right now.
How much of your current income are you saving towards retirement? How serious are you about your retirement?
I’ve recently had many mixed feelings on saving money for retirement. I wanted to present two different scenarios that got me thinking differently about retirement planning:
Scenario #1: My friend’s father passed away sadly at the beginning of the year. He worked a job that he didn’t like up until his last few days because he never planned for his retirement. Since he never saved money and had three children, he had to work way past the point where his body could function properly. He would hate his job and waking up every day for work dreading it.
Scenario #2: A rich older man that I knew of passed away just as he retired. He planned and saved for his retirement meticulously. He was so aggressive with his savings that he was able to retire at 55. His sacrifice and dedication paid off as he reached his goal of early retirement.
As you can tell the first scenario has me worried about retirement and the idea of saving enough money. I really don’t want to end up working a job that I don’t care for until my late-60s. Especially if I can start planning for this in my 20s.
On the other hand I don’t want to live like a hobbit and save every single penny. There’s no fun in staying home and not going out much. I could never be one of those people that brag about saving money by not going out or traveling at all.
What’s my solution to my mixed feelings on retirement planning?
Setting long-term financial goals while still finding ways to enjoy the present moment. You don’t have to go in one extreme or the other.
You can escape the rat race without being completely careless and quitting your job without a backup plan. There are many ways that you can enjoy today without losing out on tomorrow. I believe that it all comes down to conscious spending and prioritizing. You can have the nice toys that you want as long as you make the money and manage to save a decent amount of change. It’s cool to spend your money on trips if you plan for it and earn in.
I really believe that we can have what we want right now while still planning for the future. We just need to plan ahead and find that perfect balance. It might take a long time before we find that perfect balance, but I’m sure that it’s possible to hit eventually.
If you want more detailed help then you should check out Mike’s newest eBook launch: The Rat Race: 1 Year From Now, Will You Still Be A Rat? This small investment can help you get out of a viscous cycle that’s taking a toll on your health and your happiness.
What are your thoughts on saving for retirement? How aggressive are you? Would you rather spend more money now to enjoy life?
(photo credit: john walker)
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