Saving & Investing - Head Matters

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1. Why Save and Invest

d. Retirement

We’ve talked about short-term and long-term goals.  Planning for retirement is certainly a long term goal.  However, the sooner you begin to save and invest for retirement the better.    Everyone will want to (or have to) stop working at some point in their life and will need money to provide a “paycheck” for the rest of their life. 

Retirement “paychecks” can come from many sources.  Social Security benefits will cover only a small portion of what you will need to live.  In fact, if you are young, there might not be any Social Security benefits left by the time you reach retirement.

Pensions  are very rare these days.  After an employee retires, a pension provides a monthly income for the rest of their life.  Most companies have eliminated pensions because they are costly to maintain.

So, what’s left?  You have to begin saving and investing as soon as possible to cover the majority of what you will need to live a comfortable life with a reasonable “paycheck” at retirement.  And you can’t depend on someone else to do it for you.   A financial plan will help provide the roadmap you need to achieve your goals.  And it is never too early to start!

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