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The Right Age for Early Retirement Planning

Jun 10, 2008
Whatever age you are right now, the word 'retirement' must have crossed your mind in many ways than one. Whether you are in your 30s or 40s, it's either you are looking forward to it or dreading that it will come sooner than you think. But when you reach 50, reality becomes clearer so you start thinking if your source of income today would be enough to sustain you till old age. However, thinking of a possible retirement at such a later time can be futile for you considering your capability and power to earn more.

This is the time when you suddenly realize that you should have been ready with some kind of retirement plan, early on in life, the rewards of which you could have reaped at a time when your income stops. Though there are retirement plans available for late risers which they can implement when they reach their 50s, but if you look closely these plans are far less lucrative than the ones from which people benefit when they join a plan while still in their 30s.

That is why it is the wisest to begin planning for your retirement as early as you can.

If you check out the statistics available with retirement planning services, you will find that most people think seriously about their looming retirement and begin planning for it when they hit the 40s mark. This age is just above what is considered as the middle age, and there is still a good two decades left for the retirement. In fact, most of the high paying-out plans are designed for people in their 40s. Most investments will accumulate a considerable amount of benefits in the twenty years of active working life that are left.

It has been observed that people think of retirement in various stages of their lives. Their different perspective on retirement is very vital in determining what kind of retirement plan they will acquire. When an individual is at his active working life, retirement would mean relaxation and comfort. The truth about retirement has not yet become a full realization into his mind seriously. Because come to think of it, retirement is not really all about having fun when you are old enough but it is more of becoming financially independent when you are old enough.

However, as the person grows in age, the trepidation slowly begins to surface. The person begins to realize that there should be some savings put aside for a time when there will be no active income. That is the reason why most people ridicule someone who suggests a retirement plan for them when they are in their thirties and begin seriously hunting for one when they are in their late forties or even fifties.

You must think seriously about early retirement planning if you really want to secure that part of your life. Your own company will have a 401K plan for you, and that will help you in your after-retirement years. But this is not enough if you are planning to lead a particular kind of lifestyle. Find out what portfolios you can invest in, what insurances you can take to help you in your working life and also after retirement, and whether an IRA plan will be suitable for you. You can seek free assistance from your bank that has your savings account. Or, you could ask your financial planner for a fee.

Now that you know a thing of two about early retirement plan options, you should put this on your priority list. Remember that early retirement planning will lead you to a more rewarding life ahead.
About the Author
Raymond Cheung is a participating writer for Retirement Planning Software and is an authority on subjects concerning early retirement planning.
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