When should I start planning for retirement?
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sajeev1478
New member
You should start planning for retirement when you are 18...but better be late than never.
D
Deleted member 28127
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Most of retirement organisations are to fill in retirement life with activities so most of people are googling them or even hear them from friends or television programs or radio stations or even at newspapers. Many persons decide to join them because being whitout doing any task during the old age is something inappreciable and you will get bored by time because routine is killing people progressivelly. Additionnally, it is preferable to start prepare before 3 years from retirement as minimum period not less than 3 years to have something prepared at this date and not planning anything from the scratch.
moonchild
VIP Contributor
Everyone has a his own plans when it comes to retirement because we have different ways of earning some people are self employed which means they don't need any body's approval before they retire some people's career is interwoven in their life so they don't even talk about retiring for example business moguls but as an average 9 to 5 worker I think it's better to start preparing when you get Into the workforce, because time flies fast so before you know it you've spend a substantial of your time in the workforce..
Preparation for retirement should be in investments or long term saving, I really don't regard long time savings because inflation can render the savings useless.
So it's ideal to invest in a business you have knowledge on and I think there are a lot of business one can learn to invest in or better still investing in fixed deposit, this will make you to be ready even before retirement.
Preparation for retirement should be in investments or long term saving, I really don't regard long time savings because inflation can render the savings useless.
So it's ideal to invest in a business you have knowledge on and I think there are a lot of business one can learn to invest in or better still investing in fixed deposit, this will make you to be ready even before retirement.
Skysaint
Verified member
The thing there is that there is no particular time or age to start your retirement planning as people's responsibilities differs as well as their occupation.
Retirement age is not always funny especially for those who didn't make the necessary arrangements to help them survive this period. For some, they retire from work when they still got responsibility to shoulder while for a few lucky ones, it comes when they are already relieved from their responsibility such as paying for their children's school fees, feeding them, clothing then and the rest of it. Those who still got responsibilities after their retirement should take this, I mean retirement planning very seriously because the effect of it is always hard on them.
Like I said earlier, there's no specific time to start planning but from the work you do, you should know how long you are going to work there, your retirement year and then you plan accordingly.
The thing to note here is that it is always better to start early to make preparations and save up. Some people kick off with this project as soon as they got employed in their various working place.
Retirement age is not always funny especially for those who didn't make the necessary arrangements to help them survive this period. For some, they retire from work when they still got responsibility to shoulder while for a few lucky ones, it comes when they are already relieved from their responsibility such as paying for their children's school fees, feeding them, clothing then and the rest of it. Those who still got responsibilities after their retirement should take this, I mean retirement planning very seriously because the effect of it is always hard on them.
Like I said earlier, there's no specific time to start planning but from the work you do, you should know how long you are going to work there, your retirement year and then you plan accordingly.
The thing to note here is that it is always better to start early to make preparations and save up. Some people kick off with this project as soon as they got employed in their various working place.
Kendy
Verified member
When you talk about retirement planning there is no specific duration as to when an individual should plan his retirement game. It all boils down to individual differences, preferences, their vision and their occupation engagements. Also, there are some countries where retirement planning becomes a big issue of concern especially for those who are not employed in the governmental organisations, this is because those in government organisations have a leverage of the pension scheme saving forms which in my geographical setting is more of a contributory effort by both the potential pensioners and the government whereas for business owners or private workers there's actually no job security and this could be a challenge and also an impending factor as to when their planning scheme should be obtained. Personally, I would suggest or recommend retirement planning because one of the key functions or reasons we work is in order to save up enough for old age. You could actually opt for different retirement savings plans which could range from; cryptocurrency investment, investing in stocks and shares of reputable companies and investing in Real Estate properties. In addition, you might have to set aside 10% to 20% of your total income monthly to a fixed deposit account which you have no access to until a specified duration or time frame.
Kingsley
Valued Contributor
Hmmm, when it comes to planning ones retirement a lot of factors must be put into place before ascertaining the right age to start considering one retirement. But anyway I will go with my personal opinion. And for when I consider retirement I think am looking at the time when my strengths begins to fall me and my memory is also play pranks on me. it a point in time where and when can no longer render my service. Now planning for such a time is indeed very wise because we know that as humans we will certain grow old and weak someday.
Now for someone working in the government parastatal in my country the retirement age should be somewhere between 65years of age to about up to 70years of age. Now someone approaching this age can start marking some light retirement plan as at 40 years of age. Then heavy plans should kick off at about 50-55 years. Before the person gets to 60 years because sometime they person may be retired be for the set time. Then for someone that is working in private sector without any pension benefits benefits should start light planning at 35yrs. And heavy plans at 4years.
Now for someone working in the government parastatal in my country the retirement age should be somewhere between 65years of age to about up to 70years of age. Now someone approaching this age can start marking some light retirement plan as at 40 years of age. Then heavy plans should kick off at about 50-55 years. Before the person gets to 60 years because sometime they person may be retired be for the set time. Then for someone that is working in private sector without any pension benefits benefits should start light planning at 35yrs. And heavy plans at 4years.
Abigael
Valued Contributor
I think that planning for retirement should start as soon as you start making a substantial amount of income. It does not necessarily have to be from an employment. It could be from your business, an online or offline job or an investment that is long term. You don't need to wait till you have a permanent job to start saving for retirement or old age.
One thing that see many people make mistake with is that they wait till they have a job that forces them or provides for them a pension scheme. That is when they start planning for old age. I think you should make it your responsibility to plan for it even if you don't have a specific pension scheme.
That way, you create an account where you save for your old age. Then do it with so much self discipline such that at the end of the day, you will have saved a substantial amount of income that will help you when you are old and unable to work.
It is also very wise to have insurances such as life insurance and health insurance. They are still part of planning for old age and retirement.
One thing that see many people make mistake with is that they wait till they have a job that forces them or provides for them a pension scheme. That is when they start planning for old age. I think you should make it your responsibility to plan for it even if you don't have a specific pension scheme.
That way, you create an account where you save for your old age. Then do it with so much self discipline such that at the end of the day, you will have saved a substantial amount of income that will help you when you are old and unable to work.
It is also very wise to have insurances such as life insurance and health insurance. They are still part of planning for old age and retirement.
Alexandoy
VIP Contributor
My take on the time to plan for retirement is when you are 40 or 45 depending on the retirement age. Here, the retirement age is 60 so you can start making plans when you are 40. It is not good to start planning for retirement at a very early age. That thought of retirement can linger in your mind and can interfere with your present life. It is like instead of buying something that you will enjoy you might just save the money for your retirement especially when you have taken a policy for the retirement program. Can you imagine thinking of your retirement at age 20 when you should be enjoying your time with people?
In my case, I started thinking of retirement when I was 45. I had a good job and my wife had a good job as well. What we did was to save some amount in a bank account that will serve as our emergency fund and to be the retirement fund when the day comes that we retire.
In my case, I started thinking of retirement when I was 45. I had a good job and my wife had a good job as well. What we did was to save some amount in a bank account that will serve as our emergency fund and to be the retirement fund when the day comes that we retire.
Rachael
Verified member
You can start planning for retirement at any given point in time. The most advisable point is when you start having a means of income no matter how little it is. Retirement plan is a conscious decision that requires a schedule and action to be followed consistently. However, the economic condition has made it difficult for low income earners to save or invest towards retirement. It is therefore useful if you source for a way of livelihood. There are many retirement planning and this depends on your level of income and how you envision your retirement age to be. Some people even go as far as planning for their demise by saving and making the necessary plans towards it because they do not want to be a burden to others. Retirement plans like; saving for health, insurance, feeding and for the total welfare can be planned by having a savings account which is strictly for the purpose of retirement. Also, investment in stocks and shares, investing in banks and investing in real estate properties by purchasing lands, reselling them when the value appreciates and building on them to rent out to tenants is also a way of securing your retirement age.
funmi
Verified member
If you have not started yet, it is better to start planning it right now. Retirement age should not be scary if we have good government policy and if the people in power have the love of their people at heart.
Retirement is what the government are supposed to plan for every of their citizens so that they can be properly and well cared for at their old age. That is what the government is meant to use to appreciate workers that has served them with all the good part of their lives.
But now that we know that some country's government do not really have good plans for their citizens retirement, it is better for them too to plan for themselves before it get too late. I don't think their is age limit to when someone should start planning for his or her retirement. You can start right now for tour own good.
I have seen many retirees in my country that protest here and there due to their lack of proper planning before they retire. Some even died untimely because they fell sick and could not afford to pay for their hospital bills.
It is best to plan how you want your retirement days to be right now.
Retirement is what the government are supposed to plan for every of their citizens so that they can be properly and well cared for at their old age. That is what the government is meant to use to appreciate workers that has served them with all the good part of their lives.
But now that we know that some country's government do not really have good plans for their citizens retirement, it is better for them too to plan for themselves before it get too late. I don't think their is age limit to when someone should start planning for his or her retirement. You can start right now for tour own good.
I have seen many retirees in my country that protest here and there due to their lack of proper planning before they retire. Some even died untimely because they fell sick and could not afford to pay for their hospital bills.
It is best to plan how you want your retirement days to be right now.
Bookwormlux
Valued Contributor
Planning for retirement is something that you are supposed to start doing at the moment you begin working. This is a strategy that would enable you to make sure that you don't get choked up in the future when things are already becoming too much for you and then saving or investing in plans for your retirement Will then become difficult for you to even start thinking of at that time.
Although this is something that depends on how much you are earning,
because someone who is any a little amount of money will not be finding it easy to ever save so much money until Wendy at least arrive at a stage where ever they are making some good amount of money and can afford to save them ...
From what I understand, whenever I start working and earning some good amount of money especially offline, I will try as much as possible to make sure I get enough savings in an early stage to avoid the situation whereby I will end up being broke in the future.
Planning towards investment is a very essential part of life that someone should not ignore because you would regret it in the future when you have no money again .
Although this is something that depends on how much you are earning,
because someone who is any a little amount of money will not be finding it easy to ever save so much money until Wendy at least arrive at a stage where ever they are making some good amount of money and can afford to save them ...
From what I understand, whenever I start working and earning some good amount of money especially offline, I will try as much as possible to make sure I get enough savings in an early stage to avoid the situation whereby I will end up being broke in the future.
Planning towards investment is a very essential part of life that someone should not ignore because you would regret it in the future when you have no money again .
Chibson
VIP Contributor
When to start planning for retirement is something that have really complicated a lot of people over the years.
I have seen a lot of people asking these questions on different forums and platforms and I can categorically tell you that anyone who really wants to live a happy life after retirement should start immediately he starts working.
A lot of people downplay the importance of starting to plan for their retirement early but on the long run they will realise that it is actually very much important. it is always important that you use your youthful years to plan properly for your retirement because by then you may not actually have the strength to work full-time and make income for yourself.
I recently listened to an interview of someone who is a comedian on social media and he said that there is always time in the life of an individual where you will make a lot of money but if you do not plan very well and invest in the right things you will probably regret. It is always very important that people who are working to invest in landed properties because there is a certain stage in your life whereby your investment will speak and save you from a lot of troubles.
I have seen a lot of people asking these questions on different forums and platforms and I can categorically tell you that anyone who really wants to live a happy life after retirement should start immediately he starts working.
A lot of people downplay the importance of starting to plan for their retirement early but on the long run they will realise that it is actually very much important. it is always important that you use your youthful years to plan properly for your retirement because by then you may not actually have the strength to work full-time and make income for yourself.
I recently listened to an interview of someone who is a comedian on social media and he said that there is always time in the life of an individual where you will make a lot of money but if you do not plan very well and invest in the right things you will probably regret. It is always very important that people who are working to invest in landed properties because there is a certain stage in your life whereby your investment will speak and save you from a lot of troubles.
