These days it is quite common to hear news about the impending failure of the Social Security system. Young people today will most likely outlive the archaic social security system and will never see a return on the money they are putting into the program. Those funds cannot keep pace with the population that will now live for a long time after retiring from the work world. It is imperative that we find alternatives that will free us from relying on the government for a comfortable retirement that it obviously cannot provide.
Younger people today, those still in their twenties and thirties, recognize this and have begun taking control of their financial future by investing not only for retirement, but for times when they’ll need extra cash flow for unexpected living expenses like home and car repairs or health care deductibles. There are several good reasons to begin investing and only a handful of bad reasons. So, when you consider how many reasons there are to invest and how many people there are who don’t invest at all, are you now asking yourself when you’ll be ready to invest?
Here are some scenarios where you may think you are not yet ready to invest, but you probably should anyway.
If you are a parent, and if you are not already enrolled in a retirement plan or pension fund, you might want to consider making financial investments on your own. Without a corporate pension plan to invest in, you will need to seek out alternatives such as a Roth IRA that will provide for your retirement in the future while giving you a tax break for investing money today.
You need to begin savings plans early if you have a child or children that may some day be in need of dental work, medical support, or a college education. It takes discipline to sacrifice current income for investing, but with the tax deferred and tax free options available today, you’ll save a lot of money in the long run and be securing a better future for your children.
You will need to begin planning, saving, and investing about 10 years before the birth of your daughter in order to be able to provide her a dream wedding. A fairy tale wedding is very much a luxury that will be out of reach if you are not prepared with the funds in advance.
You must plan for your retirement to be able to have a comfortable existence and not leave yourself at the mercy of what your future daughter-in-law may decide to do with you! We have extended our life expectancies, but it is costing more and more every day to meet our living expenses. If you are not currently making investments, you need to seriously consider why that is and what you are going to do about the lack of planning in such an important part of your life.
You can do yourself no better service than investing in your financial future. If you have no idea what you should be investing in or how to go about doing it, a qualified financial adviser can assist you. He or she can give you professional advice that will pave your way to a much more comfortable future than you might have if you are left to do everything on your own, or worse, do nothing at all.
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