Mrs. 4D Frugal, when should I start planning for retirement?
What?!? But I’ve just started working in the real world.
So? Start now!
But I have 4 children!
Then you should definitely start now!
But I’m already 50+ years old!
It’s never too late to start saving and being frugal!
But I’m still in college.
Now is the perfect time!
If you haven’t picked it up yet, NOW is always the best time to start being frugal and saving for your early retirement. Actually, yesterday would have been better. But now is much better than tomorrow.
There is always an excuse to not start saving now. Maybe you have small children (diapers are expensive, you know), or you are still paying on your college loans, or its almost Christmas, or you really want that new UHD TV (I mean, have you seen those things?). I could come up with hundreds, if not thousands, of reasons to not live frugally and start saving for retirement. But I also really want to be retired! I don’t want to wait until I am 65 and I miss out on extra time I could have had with my kids.
I have heard many people my age say that they have plenty of time to save later. But what if they say that for 15, 20, or 30 years and end up at retirement with nothing (or very little) saved?
Some people use the excuse that they are spending all of their money on kids now, and they will just wait and save after the kids are out of the house. But by that time, you are losing out on all the time that you could have money invested and working for you making more money.
The longer you wait, the harder it is to get ahead. It is not impossible, but definitely much harder. Start now by finding areas in you life you can become more frugal and start saving and investing that money today.
What excuse have you used to keep from living more frugally? How did you overcome that excuse?