BY A. Christine Tshudy,Jo-Ann Silva Martin,Trusts and Estates Editorial Team
Discussing one’s retirement plans is typically a topic of conversation among older adults but retirement planning should begin when one is a young adult and continue throughout one’s working career.
Importance of retirement planning
When in your 20s, saving for your retirement is likely the last thing on your mind. There’s time to think about that later, but that is not necessarily the case. The sooner retirement planning starts, the more likely you will be able to retire when and how you want.
A successful investment program begins with clear goals and an understanding of the fluctuation in value that is associated with the goals. With retirement investments, it is also important to maintain a longer-term perspective when evaluating performance results.
Designating a beneficiary of your retirement assets will allow someone else to receive the benefit of the retirement assets that were not used by you during your lifetime. It is also possible for you, during your lifetime, to help others start their own retirement nest egg.