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I’m still young - why do I need a retirement plan?

Will setting aside for your retirement years assure you of a comfortable life down the road?

Millennials are known for their love for travel. After all, “Invest in experiences” and “YOLO”, or “You Only Live Once”, are the generation’s battle cry. This also carries the premise that the best time to capture these experiences is now, while you are still young  and have the energy to explore the world.

But travel and exotic experiences can be expensive. And every peso spent on that fabulous holiday is yet another peso that is taken away from your possible retirement account. 

While there is nothing wrong with exploring what the world has to offer, and experiences are indeed a wonderful investment in yourself, you should also plan for your future. What happens to you when you are no longer able to make a living? What happens to you when you retire? Think long and hard about it. After all, time flies when you are having fun. Before you know it, the years have gone by and you may not have any savings left to tide you over.

Having a substantial amount of money set aside for your retirement years can assure you of a comfortable life down the road. This allows you to be financially independent, not having to rely on children, grandchildren, or relatives to sustain you when the time comes. But that is not the only upside. Investing in a retirement plan as early as possible will give you the opportunity to earn more which might make it possible to retire early, allowing you to enjoy the returns on your investment while you still have the energy to do so.

Do invest in experiences. But also allocate part of your money where it could grow. Remember, it is never too late to start investing for your future. 

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