If you’re a younger person, it can be easy to write off the concept of saving for retirement. Many people in their 20s feel as though they’ll likely never retire. The combination of the 2008 financial crisis, the shrinking middle class, and vanishing social security benefits paint a bleak picture for Millennials and Generation Z alike.
However, this doesn’t mean you should give up on saving for retirement entirely. Maybe things are a bit grim in the big picture. But don’t forget that saving for a rainy day is still the best option for your personal finances. After all, retirement accounts are a great way to grow your money to ensure you’re taken care of when you’re older.
Remember, no one wants to be 75 and still clocking in for work. Just picture your ideal version of retirement and think of how nice it would be to spend your golden years on a sunny beach somewhere. If your job stresses you out, or you feel like it’s hard to make ends meet, this is even more reason to begin saving, even if it’s a small amount.
Not to sound depressing, but things aren’t likely to change in a major way in the next fifty years. Our world may become more crowded, hotter, and a bit scarier, but other than that, expect things to look similar to today. That’s the world you’re going to be trying to retire in: our own. The future isn’t something mythical, someplace where you’ll be magically looked after.
If you don’t start making moves to save for the future now, you’ll begin to fall behind the curve. Getting interest compounding for you, rather than against you, is a nice feeling. Try to save what you can, when you can. Even a few bucks here in there can make a big difference in the long run. This is where many people let perfect be the enemy of good.
In a perfect world, you could consistently save twenty percent of each check to your retirement account. However, this is unlikely to be feasible for the average person. As such, it’s good to save a few bucks at the end of each pay period. This goes double if your employer has a match amount for your retirement fund.
The world might seem tough now. Imagine how it will look when you’re in your 70s. Look out for your future self: start saving now.