You should have started your retirement plan yesterday

When I began my professional journey, I enrolled in a standard company pension plan, allocating my contributions evenly between Bonds and Equity funds. My intent was to strike a balance and minimize risk. However, upon reviewing my statements, it became clear that my investment was stagnating. Despite being one of the largest financial companies in the region, the firm was underperforming, a lingering effect of the pandemic.

I am not an investment expert, but it is evident that my retirement plan was not yielding the growth I had envisioned. After conducting some projections and considering a 12% inflation rate over the next two decades, the stark reality hit me: affording basic necessities like bread would be a struggle.

This experience has reaffirmed the necessity of having multiple retirement plans, ideally established long before you reach retirement age. Currently, I have two plans, and I am actively seeking additional options that are less burdened by the tax implications of traditional pension plans.

Retirement planning is not solely the domain of the elderly; you don't have to wait for your employer to offer a pension scheme. Many insurance companies provide policies tailored for retirement, especially those with a cash value component that builds over time to meet your needs upon retirement.

Additionally, explore diverse investment opportunities or entrepreneurial ventures that could generate income during retirement. Many individuals find themselves re-entering the workforce because their company or government pensions fall short. This need not be your story. Start planning now—secure your financial future today.