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Somewhere along the road to retirement, it is a good idea to consult your “map.” Will your ride be smooth or filled with potholes? How far off is retirement day, and do you have sufficient financial resources to last the journey? Regardless of your current location along this road, it’s important to recognize that the financial “bags” you’ve packed may only take you so far.
The Sooner You Begin, the Better
Many people in their prime earning years don’t save enough for retirement. One advantage of being relatively young when you start a retirement savings program is that you can amass a potentially larger nest egg due to your longer planning horizon. The more you accumulate before you retire, the less you may need to worry about working after you retire to maintain your desired lifestyle. For these reasons, it is important to spend time now developing a well-organized plan—or “road map”—for retirement.
What does such a road map look like, and how can it help you reach your financial destination? Try using these five signposts as guides:
You’re in the Driver’s Seat
Retirement may seem a long way down the road, especially when you have immediate and pressing family concerns. However, the younger you are when you begin taking advantage of your saving opportunities, the better off you will likely be when your retirement day dawns. Why not pause now to review your long-term strategies? When you reach retirement age, you will have hopefully navigated around any bumps on your road to retirement and secured a comfortable financial future.