Retirement planning : Cost of delay in retirement

IMPost : 20120820 ( 5 of 7 )

“The best way to predict the future is to create it”….Peter Drucker

Majority of young people who have just started their career often tend to ignore retirement planning because they feel they have just started off in life. What they fail to understand is that starting your retirement planning early offers a lot of advantages.

Most common mistakes in retirement planning according to a survey on retirement planning:

• It was too late by the time I realized the importance of retirement planning 
• Did not think about saving regularly § Nobody told me 
• Did not think about rising cost of living 
• Did not think about cost of medical treatments 

Advantages of an early planning for retirement

• More number of years to save 
• Fewer liabilities initially at the start of career 
• Advantage of compound interest working in your favor 
• Option to reduce your amount of contribution in later years when 

there are more liabilities after marriage such as household expenses and children’s education.

Cost of delay in retirement 

You can also go through our other post where we have included short i-Movies of "Stories shared"

You can also try our online delay cost calculator