It’s no secret that life demands action. Those that sit waiting, wondering and idle rarely receive the satisfaction and contentment that they claim to wish for. If you want to retire, someday, and have enough stowed back to make your family’s life comfortable in the last few decades you’ll have to enjoy, then you need to simply remember what you most probably already know: action talks and the rest walks.
When to take action and begin developing your retirement fund?
The answer is clear. The answer is now. If you are 57 years old and reading this article, then begin planning and taking action to develop your retirement today. If you are 17 years old and reading this article, then begin planning and taking action to develop your retirement right away. Here’s the basic underlying fact: Sooner is better.
The earlier start you get on taking action to develop your retirement fund and assets, the more you’re going to be likely to ever make it to a self-sustaining, comfortable retirement. Let’s face it: we aren’t dreaming of “retiring” on a very meager yearly income, only being able to afford the basic necessities of life. No, No!
We want to be able to never have to labor again, not one more day – and STILL be able to enjoy those things in life that we have learned make us content. And it does not matter in the least what something costs; it just matters what it is worth to us, in our retired lives, on individual cases bases. Some may require $100K monthly to maintain their very wealthy lifestyles, while others may just need $15K yearly to help them support sustenance lifestyles in the backwoods.
But how? How do I begin taking action to develop my retirement fund right now? I’m broke!
That does not matter. Everybody’s broke; now you’re broke too. That’s OK. We have all heard, for decades, if old enough, that in order to become at least marginally wealthy in life, we need to be saving. Now some experts say to save as much as you can without falling dead in the process. Other expert financial advisers say to save 10% of every dollar you make. And of course, there’s the entire range of advice concerning every amount and percentage to save in between.
So, let’s take that ever-known 10% rule and get a little closer to it: OK, so, for the sake of the beginning-retirement-early concept, let’s assume that you are not even yet a young, budding professional. Let’s say, instead, that you are a 17 year old high school student that works 15 hours every week at McDonald’s. You make 8 bucks an hour. So your weekly paycheck is worth about one hundred bucks, after taxation.
You want to save 10% for your retirement fund. 10% of $100 weekly is, um, 10 bucks weekly. 10 bucks weekly, times 52 weeks in a year is $5200. That $5200, if just saved in a cookie jar at home, with no interest accruing, is worth exactly $5200.
The point? $5200 is more than so many others have, or will, EVER put away for retirement. And that coming from a 17 year old McDonald’s worker. The difference between the people types (those that can save and those that “can’t”) is called discipline: the ability to save for a specific purpose (retirement) and NOT TO WITHDRAW any of the fund.
The short and best answer as to when you should begin taking action to develop your retirement fund is “TODAY”. Have you begun yet?