When you are young, it is extremely challenging to think about retirement planning.
Young people are busy starting careers, families, or settling in new locations, so it is understandable that they have the reluctance to discuss retirement planning this early in life.
However, life goes by so fast.
Every year you waste postponing retirement planning means adding a year depriving yourself of retiring early and enjoying the golden years.
No doubt it must be extremely difficult for young people to think of retirement planning at such an early age.
But, most retirees state that not saving and investing early is the most regretted, common, and costly mistake they made in their retirement planning.
So, when is the best time to retire?
Ideally this is up to the individual. However, there are different retirement ages for different industries. I imagine that as an active sports person, retirement will be pretty early. Same for runway models, etc.
Serena Williams recently announced her retirement.
You know what else she announced? Her businesses. A venture capital firm she had built as an athlete, and her clothing line - Serena Ventures.
The 41-year-old Grand Slam champion made it clear that while she’s retiring from tennis, she’ll be focusing on her businesses.
Serena’s business was her backup plan, what’s yours?
DON’T JUST RETIRE FROM SOMETHING, MAKE SURE YOU ARE RETIRING TO SOMETHING.
Author: Inyang Sami-Orungbe.
Inyang is a guest columnist for Money Counsellors. She is a Pre-retirement coach.
Email: email@example.com for your 1-on-1 session preretirement coaching.