Q: Am I too Young to be Thinking About Retirement?
A: No, you’re never too young to be thinking about retirement, but the key is to stop thinking about it and instead, start planning. Retirement is an important stage in life and one that requires decades of planning.
Sure, you’re saving and preparing for retirement as a participating member in your workplace pension plan – but it’s important to further save to build additional equity. The earlier you save, the more money you’ll accumulate, and the more you save the quicker your savings will accumulate.
It’s also important to remember that you can save for more than one thing. You can still save for retirement while saving for a big-ticket item (like a house or a car). While saving for a house, you may not be putting as much aside for retirement, but you should still be putting away some. As the saying goes: every penny counts.
To determine the best way to further save for retirement, speak to a qualified financial advisor. Everyone is in a different boat and everyone will have their own unique plan for retirement that best fits them.