Your studies are finally over and good times are here. You have landed a well paying job in an MNC. Time to settle down, relax and enjoy life. Now for a talk on retirement. A talk on retirement…you got to be joking. “I’m just 23. Retirement is a long way off”. You are making a big mistake. No…No…there is no mistake. Your first job is precisely the right time for you to start planning for your retirement.
Yes…you have landed a well paying job. But the rent of the apartment where you are staying is pretty high. You also have an education loan to repay. True….True….But if you really try hard, you can definitely save some money, which you can invest for your retirement. But why should you plan for retirement when you are just 23? The earlier you start planning for retirement, more is the money you will have at retirement. More money at retirement means a better quality of retired life.
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Time for a famous saying by Catherine Pulsifer “Retirement, a time to enjoy all the things you never had time to do when you worked". In past years, the golden age to retire was 60. Today, the youth of our country plan to retire in their 40’s. You too must be harboring thoughts of retiring in your 40’s. But retiring in your 40’s does not come cheap. You need money to enjoy a happy retirement. This means you need to plan early, to retire early. Wonder how you could do this? It’s time for an interesting story.
Rakesh is 23 years old. He has just finished his computer engineering and has landed a job in an MNC. However unlike his friends, Rakesh made a resolution on the first day he reported to work. This is Rakesh’s resolution “I will plan for my retirement on Day 1 of my working life”. Rakesh has this wild dream of retiring by the age of 45. Rakesh’s true passion is gardening. Rakesh wants to grow rare fruit trees after he retires. When his friend Sanjay mocked him for this wild idea of retiring at 45, Rakesh replied “You have availed a loan to buy a car. Who will give you a loan if you do not have enough money to survive in retirement”.
Rakesh also follows the saying “The early bird gets the best worm”. Rakesh believes that even if you save small amounts of money and invest wisely, you will have a lot of money at retirement. If you start saving for retirement in your early 20’s and invest your money wisely, you will enjoy the compounding benefit. What is this compounding benefit? You invest your money in a good financial instrument. You get good returns from this investment. These returns are reinvested back, to earn more returns. This is the compounding benefit. The earlier you start investing your money for retirement, the longer you have for your money to grow.
What do you learn from Rakesh? Just like you and me, Rakesh too has expenses. Rakesh too finds it difficult to save money at the end of the month. However, Rakesh forces himself to save and invest money for retirement. Rakesh knows that he has to retire by 45 and wants to enjoy the compounding benefit for at least 20-25 years. Rakesh follows a simple principle….The sooner you start planning for your retirement, the lesser you need to save. Why not start planning for your retirement on day 1 of your working life?
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More than 65% of the citizens of our country, are under the age of 35. This young population will soon be gainfully employed and earning a living. This is definitely good news for the country. However there is a small problem. This young generation loves to spend. They don’t bother saving. The problem gets worse…Our country does not have any good social security system, to support the retired citizens of our country. What will happen to all these young working citizens when they retire? Let’s listen to an interesting story of what happened to Jayan, when he did not save money for retirement.
Jayan is 25 years and works in an International call center. He earns INR 30,000 a month. Just like any other young man his age, Jayan lives to spend his money. At the end of the month when Jayan checks his bank account balance, it shows 0. Jayan does save a little money for retirement…but he has one bad habit…When in need, simply raid the money kept aside for retirement. These are Jayan’s famous words…“Who cares for retirement. I live for today. Let tomorrow come”. I don’t have to tell you what will happen to Jayan when he retires. No money….Begging…Depending on some stranger’s help….Running to his family….you take your pick.
So what have you learned from this article? Success and planning are like two sides of the same coin. Any mission you consider important…You better start planning early. Retirement is an important phase in your life and I’m sure you want to enjoy it. For a happy retired life, you need money. To get this money, you need to plan for retirement from the Day 1 of your working life. After all well begun is half done and you can retire with pride.
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