Are you always daydreaming about what retirement will look like for you? Are you planning for it in the distant future? Then William Schantz has some news for you – retirement planning should start as soon as possible!
We know that sometimes it can seem easier to delay dealing with those kinds of big financial decisions, but if you want your golden years to be golden, investing a little effort will pay off in the long run. Read on and find out why!
William Schantz Talks About 3 Reasons You Should Start Retirement Planning Early
Whether you want freedom of choice when retirement approaches or simply peace of mind knowing you won’t be struggling financially, read on and find out why William Schantz recommends preparing for your golden years early.
1. Compound interest
Starting to save for retirement can sound overwhelming, but the results can be incredible. With compound interest, you earn interest on the money you set aside each month and identify interest on all of that accrued interest over time.
It’s like having your money work overtime and rack up dollars while you sleep!
To take advantage of compound interest and see how much it can add up over time, William Schantz recommends a compound interest calculator – a helpful tool to visualize how far your retirement savings can go if you begin investing early.
2. Financial flexibility
Retirement savings should not be put off until later in your career. Doing so lessens your access to compound interest, which can prove invaluable over the long term.
In addition, prioritizing retirement savings early is one of the smartest financial choices you can make — particularly if your employer offers a match on contributions.
When you contribute to a workplace retirement plan with matching funds, the matching is like free money that can help you ensure a secure retirement.
Putting aside just $100 per month versus investing $1000 or more can have huge differences in saving for retirement and lessen any burden on day-to-day expenses — it’s all about starting early and taking advantage of every bit of free money available.
3. Don’t Rely on Social Security Benefits
With average social security payments of around $1,500 a month, many individuals may need help to live up to their pre-retirement lifestyle on this fixed income alone. Shockingly, by 2034 the current reserves for the program could be exhausted, and an alarming 22% could reduce benefits.
That being said, it’s imperative that you build your retirement savings and take control of your financial future instead of relying solely on social security, as there is no guarantee that it will remain in its current form for years down the road.
The steps may seem scary or overwhelming but taking a proactive approach now rather than waiting for future worries can bring about satisfaction and a newfound sense of relief down the line!
William Schantz’s Final Thoughts
It’s never too early to start saving for retirement; it can be easy if you make a plan and stick to it. William Schantz is a financial planner with over 20 years of experience helping people save for their future.
He explains that the earlier you start saving, the more time your money has to grow, and even though you may not think you have much to put away now, every little bit helps. So don’t wait – get started today on planning for your comfortable retirement tomorrow.