Importance of discipline in retirement planning

[General01]

Discipline plays a vital role in the process of bringing a plan into reality.

In retirement planning, one may be tempted to over-spend and live in temporary luxury with no thought of organizing for the betterment and smoothness of life after retirement




What do you think is the role of discipline in birthing a retirement plan into success ?

 

[uforwealth]

The role of discipline in bringing a retirement plan into success is that it helps an employee to save more and spend less.
If a worker has self-discipline, such a worker will never spend lavishly and extravagantly. That person will cultivate the habit of saving more money in order to provide for retirement.

 

[Caramelle]

Discipline is very important in achieving your retirement goals. Retirement is too far away into the future that it is easy to lose sight of it when you're young and struggling with your present situation. When you're in your early 20's, you are expecting a full working life ahead of you. You may also be starting a family that will soon require most of your take-home pay.

Without discipline, you might forego plans to prepare for retirement as your present needs are paramount and should take precedence over your future needs. That shouldn't be the case. While we cannot predict what will happen in the future, we can prepare for the future by providing for it in the present. We can invest steadily in insurance and pension funds. We can also invest in treasury bills which are low-risk securities with relatively better returns than time deposits and savings accounts. We have to plan for our retirement and discipline ourselves to stick to those plans.

 

[Good luck]

It is good one discipline oneself in terms of spending to be able to know how to plan very well for retirement.It is even advisable one should not even put hundred percent trust on the government about the gratuity so as not to be abandoned or denied of the retirement payment or fund.Discipline is very important.

 

[btaliat]

You can never plan or achieve any tangible things except you are disciplined. Retirement is not something you start plan for when you are about to retire. You must have been planning for it the moment you start working. This will make it easier. And you can never plan for it except you are disciplined. For instance, it is better for someone to start saving at least 10% of his salary the moment he starts working. It will take discipline to uphold this principle because there may be many reasons why this may not work out as planned .

 

[funmi]

Well, the role of discipline in terms of retirement is very important. Without discipline, some one will just be spending and spending, living a very comfortable life and even luxury life without thinking that a day will come when they will not be able to work the way they are working right now and to get determination and discipline themselves ahead of the period of their retirement.
Some people retire and fall into poverty because they refused to get prepared and plan ahead.
I have also heard some stories about lecturers who retired as professors and they never had a house of their own. After retirement, when they are sent out of the staff courters, that will start look for houses to rent in town. When will such people start planning of building a house of their own? The is total lack of discipline on their part. I can't blame it on any other factor.

 

[Alexandoy]

I have experienced that part of spending when my savings is doing good. It is like having the confidence that I have enough money even if it is not true. Ironically whenever my bank balance would exceed my expectation the tendency is for me to spend. Fortunately I have learned to save for my retirement even if my monthly deposit is small. When I retired I had the money for my retirement years plus the meager pension that is given by the government. Saving for retirement is not easy when you are young because in the back of your mind you know that you have a lot of time like 20 years or even 30 years depending on your age. But if you start saving at a younger age then you can have more when you finally retire. Believe me, it is scary to retire without savings.