One of the biggest and many mistakes lots of new and young workforce joiners do not do or want to know about has always been the idea of Saving for Retirement.
They tend to always leave it for later or none at all and depend on the State to support them in their old age, but what they do not realize is there are problems with this:
- Many states are overburdened with already high unemployment rates and have to support the elderly from that bracket that they either have to drop the grants so low it is unlivable.
- Because of this situation some state will actually punish those who were employed but did not invest in their future old age and you will not qualify at all (Unless you can provide proof that your retirement plan or fund collapsed or was sabotaged through theft and or fraud ) and this still isn’t a guarantee as you will see later.
SO HOW AND WHAT TO DO:
START EARLY:
It is never to early to start investing in a good plan (plans later on). Most companies offer some sort of Saving for Retirement as part of your salary package, so always choose the best one as well as if the company offers you a chance to only do it later don’t!
Also, when applying for a job or career and you fortunate enough to have different offers make sure part of your decision lies with what they offer in this respect and if you do change jobs and you get paid out this plan (if your state law allows it as some don’t and forces you to move it to your new company plan), do not use the money on any sprees but rather move it yourself to your new companies plans they might offer ( or if they don’t put it into a private investor ), or if you lose your job and can afford to survive on a pay-out package if offered one, then once again no ” SHOPPING SPREES” re-invest with a private company but with an option to move it to your new company ( or leave it there and start another one with the company ) once you do find other employment as well as an option to access your money ASAP if you struggle to find employment and you run out of money and need to survive
So remember you never too young to start a plan.