While you may be in your early 20s or 30s, it is prudent to plan for your retirement early before it’s too late.

2. With the technological advancement in medical and health-care industries, we
are expected to live well into our ripe-old age. But what happens when your bank
account runs dry while you have another 10 years to live? Be on the safe side.
Don’t underestimate your lifespan.

3. If you plan your retirement right, you would have sufficient money to afford for
some luxuries in your later years i.e. overseas travel. While you may not have the
same energy as before, you’ve got plenty of time in hand, allowing you to take
trips at your own pace.

4. Things happens. Most often, you’ll need money to deal with these unexpected
expenses. If you don’t have an emergency fund of at least 3 months of income
stored in your bank account, then you should start saving up for one now.

5. You won’t have to live with your children just because you can’t afford to live
on your own. You wouldn’t want to be treated as a liability they cannot
afford. Being financially independent means having your freedom and to be
able to retire in style!

6. While it’s true that you can’t take the money with you, your personal
expenses don’t stop at death. If you don’t have sufficient personal savings,
your loved ones will be responsible for covering these costs. i.e. funeral
services and debts payment.

7. Putting money into long-term investment funds at an early age gives it more time to
mature. The results of compounded investment gains can be astounding when
stretched over a long period. It’s getting a little bit technical here, but do remember
this – procrastination can be very costly. Take advantage of compound interest now!