We are now a full week into the new year of 2009. With a new year can come new habits such as starting to save and build that automatic retirement income. However, we again go back to work and forget about what we promised ourselves and yet another year slips by without any action taken.
Invest Sooner Than Later
Remember the concept of compounding interest? The sooner you start, the more you will have when retirement age arrives in your life. I know that it is easy to over look this. When I was flat broke and started to make some good income, it was hard for me to start the process. I actually waited for almost 90 days before I finally picked up the phone and started my new IRA.
Life Can Get In The Way
After a long day at work, it is easy to come home and say, I deserve a break. You sit down to watch a little television and before you know it, the evening is shot. Maybe you take that day off and you plan to get on the phone with some investment companies to open the account, but you are just having too much fun today. Maybe life has thrown you a curve and the days, weeks, and months get eaten up handling crisis after crises.
No Action Equals No Retirement Account
The reality of it is that it takes a few minutes to set up a retirement account with an automatic withdrawal from your checking account or your pay check if it is a company 401K. I was shocked to realize that if I had just taken about ten to fifteen minutes, it would now be an automated process. My retirement funds would be building without me having to think about it.
What About You?
Let me challenge you today to go to your Human Resource Department tomorrow on your break and take action to set up your account. If your company doesn’t have one, decide to take action to get on the Internet or go through the phone book and research who you would like to set up your account. The key is to take action right now.
Without taking this action, your automatic retirement income will never become a reality. Review the last 3 or 4 posts related to mutual funds. Look through the investment information the company or investment services can provide.
Until Next Time…