My husband and I have been hard working individuals since our teen years. We were both taught that we need to work to get the things we want. At 17 I was practically working full-time while finishing high school while my husband was building a brand new Tom Fazio designed private golf course on Florida’s beautiful southwest coast. Though, I wish I would have gone to college as I could have had a better career with more money, I decided I wanted to continue working, postponing college for a year or two. Big mistake as I never went. Instead, I became a young customer service manager in a retail store, beginning the steps to build our future which meant a home, vehicles and eventually a family.
We agreed that working and saving money would be the best thing we could do to help start a savings and the big retirement planning. Yes at the very young ages of 19 and 21 we were starting our financial plan for retirement by participating in our work 401 (k) plans and having our employers match our contributions. If you work, you need to sign up immediately if you have the opportunity. It is never to early to have a head start on your retirement!
Many ask us why but there is no why here. We knew that if we started saving early, in our 20s, we would have 40+ years of saving for retirement which would mean our money would grow faster, we could save more early on before we grew our family and we could budget easier with what we knew we could invest for our future retirement. It is something we have to do for our future, when we are no longer working, so we can live. Seems like common sense; the earlier you save, the more money you will have once you retire.
Now that I’m a work-at-home mom, saving has been more difficult then ever. Instead of cashing out the money I had in my full-time position when I left my job, I decided to roll it over into an IRA. Cashing out seemed beneficial at the time, but knew it wasn’t an intelligent choice. Rolling over ensured I would still have everything I saved the many years I worked at that company, while my retirement still grew plus I could still make annual contributions, this gave me peace of mind for my future.
So will the money we saved and invest now last us our entire lives after we retire? I would sure hope so. This article on 5 Ways To Avoid Outliving Your Retirement Savings is a must-read on ways you can make sure you will have enough money coming in, no matter how long you live.
Will you be ready for retirement? I sure hope we will as my husband and I have dreams of traveling the world, which means an extensive savings is vital!
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