Retirement planning is a process that can be started at any stage in life. There is no restriction in terms of age of when retirement planning can or cannot be undertaken. An early start means that there is a lot of time and scope to complete the process over the lifetime of the individual. The way in which a person approaches retirement planning will determine the kind of success or failure that they will encounter in the coming days.
The twenties are a time when there is a lot of activity for an individual. The twenties might seem too early for some, but this is an age where there is a lot of running around as one is just starting off on various activities in life. These days, there are people who might be just out of college and have joined the workforce or there might be people who have finished their post graduation and have joined the corporate world after a good solid educational background. There are also others who have been in the workforce for several years and are now in their late twenties. Overall this age group can contain a very diverse range of people.
This is the time when there is a lot of enthusiasm among the people because they are dealing with finance for the first time in their lives. They have a will and an urge to do several things. In many cases the person is not earning a very high sum and hence there has to be an effective planning right at this stage of life. This is usually an enjoyable period of life for most people and a period that they will cherish as they grow older mainly because of lower responsibilities and hence their experience here will have a lasting impact on their lives.
Talk about retirement planning for those in their twenties and do not be surprised to find shock and amazement at the whole idea. “How can one think about retirement when one is just starting their jobs or when there is still some education waiting to be completed?” will be a common response. It might seem surprising but this is one of the best times to ensure that the retirement planning process is in full swing and that there is a right start to the entire process. There are a number of reasons why the retirement planning process has to be started at this point of time.