Though saving for retirement is probably one of the most important goals in life, it is also one of the most neglected. Surprisingly, many people don’t even begin to think of retirement until they reach their 40s or 50s. This trend is troubling considering how many seniors retire in poverty today.
If you were to retire tomorrow, would you be able to live on the money you would get from Social Security, and still maintain your current lifestyle? For most, it is impossible to make ends meet on Social Security benefits, which is why it is important to start putting money away for retirement as early as possible.
There are a number of retirement savings tools available to help people prepare for the day that they can stop working and really start enjoying life, but it does take some effort to get to that point. Although fewer and fewer employers are offering company pension plans these days, many still offer employer sponsored 401K plans. In addition, you also have the option of contributing money each year to an IRA account. All of the money that you put into these retirement accounts will grow over the years to provide you with a retirement income later in life.
One of the main reasons why people tend to put off saving for retirement is that it can be difficult enough to budget for everyday living expenses, without having to put a large percentage of your income into retirement. This is understandable, but it is also not a good idea to put off saving for retirement. Consider how difficult it will be to meet your expenses when you can no longer work and do not have that income anymore.
If saving for retirement is one of your goals, it is important that you cut some of your living expenses today so that you can put money into your retirement accounts. This doesn’t have to be painful; there are likely some expenses that you could cut that you would barely notice. For example, instead of going out to the movies once a week, why not cut it back to a couple of times a month and watch a movie at home?
If you think about it you will probably find several areas where you can cut expenses, and that is all money that you could be putting into your retirement savings plan.
Larry Parman
Founding Attorney
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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