It's the tail end of 2022, and as the year wraps up and another one looms large, it's time to start making some critical decisions. Sure, most new year's resolutions don't last past February, but some promises are vital to keep.
Take retirement planning, for example. When you are young and thriving, it is hard to pay much heed to advice and articles asking you to start planning as early as possible.
It's essential to begin the process as early as one can. Start saving consistently, even in small amounts, rather than putting it off for a time when you can invest larger amounts in one go.
What Does Retirement Planning Entail?Simply put, it is the process of planning your finances out for when you retire from the workforce. This could be a planned retirement, i.e., one you take when you reach a certain age.
1. Planning When You Are Going to Retire
This is the most important step when it comes to your retirement planning. Planning for when you will retire is essential because it will determine what benefits you can claim.
2. Having a Good Understanding of When to Start Planning
It is essential to start retirement planning as soon as possible. The time to plan is, thus, now. The best time to begin the process would be in your early 20s.