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Its very difficult to plan for retirement

Posted on: 19th Oct, 2006 02:15 am
I have read so many articles on retiremnt plan, they all look impresive and informative. But i need to understand one thing that why people say its very easy to plan for it beforehand i.e. I mean to say that how easy it is for a person to plan it during their 1st job and there are so many other liabilities to pay off like the study loan etc.

Pls advice
Hi,

I agree with you when a person already has so many other liabilities how he can think of saving for his retirement.

Here I would like to say that when you are planning for you finances, go step by step. You may need to take loans for studies and your home, but before you go for luxuries and take loan for them make sure that you are saving enough for your retirement. Its not that you need to put in huge money in your retirement plan. Even a small amount can grow to a huge amount if left undisturbed in a retirement plan like 401(k).

The key to saving for retirement is start early. Once you are off with your education loan and other liabilities, invest some money regularly in your retirement plan.

Thanks,

Allan
Posted on: 19th Oct, 2006 02:53 am
Hi,

Welcome to the forums.

You have a point there, but believe me it’s not that difficult to save for your retirement even when you are already paying for other liabilities.

If you are able to invest $1 in a day that $30 in a month in a 401(k) retirement plan and leave it untouched for 30 years it will grow up to $ 67,815.

You can read more about this on my blog.

Thanks,
Jerry
Posted on: 19th Oct, 2006 03:12 am
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