Planning For Retirement Long Before Its Time Plr Ebook

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How do you want to retire? Or a better question might be, when do you want to retire and what do you want your retirement to look like? Do you know where you’ll live? Have you thought about the lifestyle you’d like to have when you retire?

If you’re young, retirement may seem like it’s so far away. But, it is exactly that time and distance that is your biggest asset. For example, if at age 25 you put away $5000 a year, by the time you’re 65 you’ll have $1,068,048 based on 7% return. If you wait until you’re 45, you’ll only have $219,326.

Presumably, you’d rather retire with a million dollars or more, right? That’s the most significant benefit and reason to start planning for retirement right now, today. If you wait even another year, you’re losing money.

When You Wait, It Costs More to Save More

Let’s say that you decide that you can’t save $5000 a year right now. You think that saving that much money will be more manageable in ten years because you’re just getting started. Maybe you’re paying off student loans and saving for a house.

You’ll just wait to start saving for retirement. You’re losing half of that million dollars that you could have had. In fact, if you wait until you’re 35 to start saving, your retirement fund at age 65 will be $505,365.

And we’re sorry to say that life probably won’t get much easier ten years down the road. You’ll always have expenses and demands on your finances. Start now, create the habit of saving for retirement and know that when it comes time for you to retire, you’ll have it all taken care of.

Remember the Tax Advantages

When you contribute to a qualified benefit plan, you’re reducing your taxable income by the amount of your contributions. If you contribute the maximum amount allowed for you and your chosen plan, then you pay taxes on a smaller income. It’s a win/win.

When you begin retirement planning early, you maximize your savings by simply taking advantage of time. You also ensure you’re not losing money by starting early.

Finally, you cut your tax liability by investing in your own retirement. It’s a pretty good deal and one to start focusing on right now. On that note, let’s start by taking a look at how much you have to save to live the retirement life you want.

How Much Do You Need to Save?

This is the biggest question and it’s one that people often need help answering. Essentially there are two steps to this process. They include envisioning your retirement and then using an online retirement calculator to crunch the numbers and figure out what you need to save. The answer will help you create your retirement plan. You’ll know how much you need to save, then you’ll simply have to figure out how to save it.