Eric Arnold Planswell - How to Save for Wealthy Retirement at Different Ages

 

How to Save for Wealthy Retirement at Different Ages: Eric Arnold Planswell

Contrary to popular belief that retirement planning should be done a few years before retiring, you should know what is the right time to start planning retirement.

Irrespective of where you live, not planning timely can leave you helpless or out of funds at your old age. Living a dignified life requires you to start planning for retirement in your 20s, says Eric Arnold, Planswell CEO.

According to him, no one wants to retire and be dependent on a family member but everyone fancies being a wealthy senior citizen. Let’s shine some light on how to save for a wealthy retirement.

  • In your 20s: The soon you start saving, the better you can expect till the time you retire. If you are getting a head start on retirement planning in your 20s, invest more in equities since they ensure long-term returns. 

  • In your 30s: If you are in your 30s while starting retirement planning, you still have 25 to 30 years in your bag before you retire. So you can still take some risks considering how many responsibilities you have. Try to allocate half of your savings into some sort of retirement fund. 

In your 40s or Afterwards: Once you reach your 40s or 50s, you are left with very little to no time for retirement. We understand that you may have kids, their education, and their future in mind but what about retirement? Start saving about 50% of your savings to retirement and continue doing it until your retire.
Location: Ontario, Canada

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