You might be thinking that retirement is an issue you won't need to consider for a good few years, or even decades. But there are many, many reasons why it's never too early to thinking about retirement - here are 10 of them.
The sooner you start putting money away for retirement, the easier saving will become! Seeing your savings or super fund increase will put you in the best mindset to continue contributing. It will add up quicker than you may think!
When planning for retirement, you will need to be wary of inflation. There is not way to tell for sure how much our dollar will be worth, but you can use an inflation calculator for an estimate.
The Australian Government recently increased the age of retirement to 70, therefore it became harder for older Aussies to retire and be granted a government pension. If this continues, the age at which you will be able to retire may be a lot older than that of your parents or grandparents! Saving for retirement means you may be able to supplement your pension with saved funds, or you might be able to retire earlier than the government's mandated age.
The unfortunate reality is that, as we age, we are more likely to require regular medical care. This often comes at a price. Saving for retirement early means you will have peace of mind knowing that you have a cushion incase things do wrong.
There is the conception that when you retire, your expenses will decrease greatly, and while this may be true for some people, it isn't always the case. To give your future self the best chance and the opportunity to do things you never had time to do, begin saving now!
Being in the savings mindset from a young age will make any kind of saving easier! Whether you're putting money away for the long haul, or for a holiday in a few months, the ability to save is one that you will greatly benefit from.