The best time to start planning for retirement is always “now”. However, if you’re in your 20s, you’re probably either in or fresh out of university and faced with a lot of instability. As finance blog Wise Bread suggests, it may not be in your best interest to sacrifice the short term for the long term.
Picture: CarbonNYC/Flickr
That’s not to say that you should put off setting up a retirement plan, but building a safety net for emergencies should also be high on your priority list. Also, consider whether it may be better to pay off high-interest debt sooner. Credit cards and loans that aren’t repaid in a timely manner can rack up thousands in interest, which is money better spent elsewhere. Like, for example, your retirement plan.
Retirement Planning If You’re Under 30 [Wise Bread]
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