When I started my current job, the first proper job I've ever had, they mentioned that after my 6month probationary period, there's an employee pension scheme you can join. So I did. It's a weird thought, but should I start any later, I wouldn't get much of a pension upon retirement. Even now it's a teeny-weeny bit of money I get once I hit the wrinkly times. But it's all a bonus!
I think UK's approach to retirement funds is a good one; as of 2012, it'll be mandatory for employers to enrol employees onto their employers pension scheme. Unless the employee specifically declines, that is! At least that makes sure that those who work hard for 50+ years won't starve to death when older, just because the state pension doesn't cover anything. Like, anything. Max. £150 (I think) for a couple. Per week. How's them apples?
Well with me being a Financial Professional, I know and understand the importance of preparing for my future. I believe the word "Retirement" for our age group may sound extreme, but "Lifestyle" may be a feasible word. It is very very very important to prepare for later. Trust me....These years don't last long. So you will reach that age all too soon if you make it. (Sorry to be blunt) I've started my first account when I was 20 that allows me growth, safety, tax advantages, and protection on my income.
Imagine the day you started your first job. From that day till the present moment, are you satisfied with how much you've saved? Imagine doing that the rest of your life with nothing to show for it. You can have an excuse for being young and broke, but old and broke you can't fix. That is why some of my partners and I are reaching out to the youth and young adults about teaching them how to manage debt, save, prepare for long term expenses (such as buying a house, education, kids, etc.), all while having fun for the present moment.
That is another reason why people don't want to start early because they believe they need to put all their earnings away for the future on which they believe they would never see.
To be continued....
Oh my goodness...I haven't!
Should I be planning for this?!!??!
I'm ALREADY BEHIND!!